back Back
Seeking to raise capital? Seeking to invest? Click Here & Express your early interest to be a part of IBS Intelligence’s new fund initiative.

Multigate.io leads the future of global payment gateway services in Africa

By Edlyn Cardoza

May 11, 2022

  • Africa
  • Cash Management
  • Cross Border Payments
Share

Multigate.io, Cash Management, Instant Cross Border Funds Transfer, Financial Technology, Cross Border Payments, FinTech, Mobile Wallets Payments, SMEs, SWIFT, Nigeria, AfricaMultigate.io, a Nigerian financial technology company founded in 2017 that provides instant cross-border funds transfer and advanced treasury and cash management to businesses and individuals within and outside of Africa, is leading the future of FinTech and cross-border payments from the continent. The company focuses on providing simplified solutions that unravel enterprise corporates’ complex payment and cash management challenges.

The world is going digital, with digital forms of payment taking preeminence as tech advances. According to available statistics from Wordplay in a measured period, it’s been estimated that digital and mobile wallet payments accounted for 41.8% of online transaction volume worldwide. Online wallets had the highest market share in the Asia Pacific, accounting for over 58% of e-commerce payments, with that trend slowly taking up relevance in more advanced African Countries.

FinTech startups, such as Multigate.io, have not only expanded their footprint across the African continent but have increased the number of services they offer. Overall, the rapid growth of the FinTech industry is said to have benefitted many financially excluded people from Africa.

In a recent interview with a leading online financial news portal, multigate.io’s co-founder and CEO, Eghosa Nehikhare, disclosed that he founded the company after working in the venture capital industry, and he soon realised that no FinTech company provided solutions to the challenges experienced by large corporate enterprises in Nigeria (and Africa at large). It was evident that the significant FinTech companies — though very successful at it — provided solutions to SMEs and eCommerce giants, particularly in payment collections. This market [payment collections] was a red ocean for him. To this end, he decided that he wanted his company to focus on providing financial technology solutions to large enterprise corporates, mainly to simplify treasury management and cross-border payments for these organisations operating in Africa.

“This was my motivation; to solve treasury and cross-border payment challenges for large corporate enterprises (inclusive of banks and other fintechs),” he said.

The African FinTech industry has grown rapidly over the past few years, and this has caught the attention of some well-resourced venture capital (VC) firms. As expected from observers of the African FinTech scene, Nigerian FinTech startups have dominated the continent in terms of funds raised or the number of transactions performed. On this front that Multigate.io has emerged as a leader. The company has proven to be an innovative leader with its dynamic payment gateway solutions and fluid operations tools.

Within two years of operations, Multigate.io became a necessity for some of the largest pan-African companies, FinTech companies, and banks. Multigate.io became embedded in their cross-border operational fabric by solving a complex problem they all shared. So far, Multigate.io has provided FinTech treasury services with a total of $4.3 billion.

More importantly, and most excitingly, Multigate.io became the first African FinTech to be onboarded to SWIFT as a shared-platform provider to corporates (and other FinTechs). This was — and continues to be — a significant achievement for the company because it enables them to solve a major problem in cross-border payment and treasury management, which is the corporate-to-banks (i.e. one-to-many) messaging operational challenge.

Speaking about their services, Bukunmi Olufemi Demuren, the company’s other co-founder, said: “We are dedicated to helping businesses increase revenue, reduce go-to-market time and improve decision-making. Making payment processing, remittance, and cash management seamless, secure and reliable is an integral part of what we offer our clients. Our flexible payment solutions were carefully designed to adapt to the diverse needs of corporates operating in different sectors.”

Previous Article

May 11, 2022

NPCI launches DigiSaathi, a 24×7 helpline for information on digital payments

Read More
Next Article

May 12, 2022

BCT Digital adds Compliance Management to its rt360-GRC product suite

Read More










IBSi Daily News Analysis

digital lending, digital lending in India

August 18, 2022

Africa

Why is India a front-runner in the field of digital lending?

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Revolut launches Revolut <18, a rebrand of its product for 6-17 year olds

Read More

Today

NIPL signs PayXpert as UK’s first acquirer for UPI and RuPay

Read More

Today

Shieldpay appoints Chris Andrews as Head of Sales

Read More

Related Reports

Sales League Table Report 2022

£1,500.00 / year

Know More
IBS Intelligence - Global Digital Banking Vendor & Landscape Report Q2 2022
Global Digital Banking Vendor & Landscape Report Q2 2022

£1,500.00 / year

Know More
IBS Intelligence - Wealth Management & Private Banking Systems Report Q2 2022
Wealth Management & Private Banking Systems Report Q2 2022

£1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q2 2022

£1,500.00 / year

Know More
IBS Intelligence - Treasury & Capital Markets Systems Report Q2 2022
Treasury and Capital Markets Systems Report 2022

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2022