LemFi Opens USD and GBP Global Accounts for Nigerians, Signalling a Bold New Expansion Play

 LemFi is widening its footprint on the continent with a move that could reshape how African freelancers and digital entrepreneurs interact with the global financial system. The company has officially rolled out multi-currency Global Accounts starting with USD and GBP for users in Nigeria, marking its most aggressive expansion into the African market yet.

A New Financial Gateway for African Creators and Entrepreneurs

The new feature allows users to open foreign currency accounts directly inside the LemFi app. Once activated, customers can:

• Receive international payments in USD or GBP
• Hold those balances without forced conversion
• Move funds locally or globally
• Convert to local currency when needed

Co-founder and CEO Ridwan Olalere said the new capability gives African talent long-overdue access to the global financial flow.

With Global Accounts, we’re giving them what they’ve always deserved: direct access to the global financial system, Olalere said. No more depending on friends abroad or feeling excluded from global opportunities. Global Accounts gives you a financial identity that matches your ambition.

From Remittances to a Full-Scale Financial Ecosystem

LemFi’s journey started in 2020 with a focused pitch: affordable remittances from Canada to African markets. But the startup has since evolved into a multi-vertical fintech platform.

Today, the company:

• Serves more than 2 million customers
• Supports send operations from 27+ countries across Europe, the US, and the UK
• Offers credit and savings tools for immigrants navigating new financial systems

In May 2025, LemFi acquired Pillar, a UK-based credit fintech, an acquisition that paved the way for new products like a LemFi credit card and a Send Now, Pay Later (SNPL) service.

Just last month, the company introduced a savings product with returns tied to the Bank of England’s base rate, offering yields up to 3.92%. Because electronic money institutions (EMIs) cannot pay interest directly, LemFi partnered with Clear Bank to hold customer deposits in instant-access savings accounts. Those funds now fall under the FSCS deposit protection scheme, which recently raised its coverage threshold to £120,000 per depositor.

Read More: LemFi Expands Remittance Reach Through Strategic Partnership With GCash

Until now, Nigerians living in Nigeria were unable to download or use the LemFi app. Opening access to this demographic unlocks a massive new customer base, particularly freelancers, creators, and remote workers who earn in foreign currencies.

The timing is also strategic: LemFi raised a $53 million Series B, and this expansion plants it firmly in a fast-growing field currently led by players like Raenest, Grey, and Cleva. With demand for seamless cross-border payments rising across Africa’s digital economy, more fintechs are circling the same opportunity.

LemFi’s new offering gives it a competitive edge, but it also throws the company directly into one of the continent’s most competitive fintech battles.