Tech
Reasons Why I Think Remx Is The Fastest Growing Payment Processor In Africa
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RemX is an innovative system that facilitates payments across the African continent. It is a multi-currency payment processor that was developed to solve the biggest interpolitical challenge African merchants face when trading with fellow African countries. It turns out that this was also an issue faced by giant ecommerce companies in Africa. African merchants as well as eCommerce companies, government politicians and anyone who has business transactions with other businesses who aren’t within their borders face a payment problem. They’ve successfully exported their product or rendered their services and are stuck on how to receive payment. This is a problem which RemX is dedicated to solving.
The idea for RemX came to its founder Eghosa Nehikhare while working at Africa Courier Express (ACE), a logistics company offering its services across Africa. During his service at ACE, the logistics company experienced challenges collecting payment in a different African currency and remitting Naira to Nigerian merchants whose goods were exported. Facing this problem led Eghosa Nehikhare to brainstorm solutions which eventually birthed the RemX idea.
Less than a year later, Eghosa became a member of the Venture Garden Group (VGG), a company that has incubated companies from many industries including education, logistics, financial services, energy, health, transportation, cleaning and laundering services, education and more. This was where he met with Olufemi Olukunmi Demuren and Olubunmi Akinyemiju. The two Nigerian FinTech tycoons are also major shareholders and investment partners of RemX Capital Ltd, OIT Africa and Avalon Offshore Logistics. Here, he received funding as well as the needed support that VGG offers to African startups enabling him launch his idea which has helped millions of African merchants receive payment in only two years of launch. This indeed is what is called growth.
I believe RemX is the fastest growing payment processor in Africa and the reason why it is the fastest is simple. It solves a pressing need for merchants across Africa. RemX offers a solution to a problem and those who wants their problems solved are fast adopting RemX.
There is a promising future for RemX and all who use the multi-currency payment processor. To prove its fast growth, RemX effortlessly processed a staggering $1.2 billion in its first year of its launch and have already processed over $221m in just the first quarter of 2022. This indicates a rapid growth that’s unmatched for any company in the first year of its launch.
RemX started from Nigeria, a West African country and is rapidly spreading its tentacles to reach all of Africa with Kenya acting as a gateway into the East African market. The multi-currency payment processor for African merchants is fully operational in all of Nigeria and Kenya. As I write this, RemX Limited is taking big steps to penetrate the Ghanaian and Tanzanian market. All these are happening in less than three years of launching RemX.
To make payment processing even more seamless for African merchants, RemX is partnering with local banks in host African countries. Banks keep money and RemX is letting them do what they know how to do best with your money while it takes care of the part that truly matters: processing payment between multiple African currencies. RemX partnership with Equity Bank, United Bank for Africa as well as other banks is another proof of its rapid growth. Even as a new company, partnering banks can benefit from RemX’s existence.
An undeniable proof of RemX fast growth is its white labelling system. With this, RemX will offer all its capabilities and functionality to other FinTech companies allowing them to integrate RemX features into their own products seamlessly. Sometimes, growth is simply helping others and this is exactly what RemX is doing. With the white labelling system in place, other FinTechs in the industry who probably do not have the resources and manpower to adopt the RemX business model can easily offer a multi-currency payment processor to African merchants. This does not just put RemX in a position to help these FinTechs scale, it also gives these FinTechs’ existing user base the opportunity to expand their own businesses across the length and breadth of Africa.
RemX is promising and has proved to be the fastest growing payment processor in Africa. This is evident in its user base, partnerships, assets, resources, and the fact of RemX giving back to the FinTech industry making it easier for others to adopt its model.
RemX is here to stay and as an African merchant, you should maximize the opportunity to expand your business across Africa by having RemX process your payments in any African currency that you are being paid.
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