Maplerad Pioneers Real-Time Payment Infrastructure to Slash Africa's High Remittance Costs

Maplerad, a Lagos-founded payment network, is addressing Africa's significant remittance problem by building infrastructure that bypasses traditional, costly correspondent banking systems. Remittances to Africa exceeded $92.2 billion in 2024, yet sending money within Sub-Saharan Africa incurs an average fee of 8.45%, far above the global average and the UN's 3% target. This high cost is primarily due to inefficient multi-bank transfer chains, especially in lower-volume corridors and markets with restrictive regulations.

Initially a consumer app, Maplerad relaunched in 2022 to focus on providing businesses, banks, and fintechs with APIs for compliant, multi-currency cross-border payments across Africa. Their platform bundles compliance, card issuance, multi-currency wallets, foreign exchange, and automated payouts, enabling businesses to launch fintech products rapidly. This approach aims to eliminate the need for transactions to route through international hubs like London or New York, thereby increasing efficiency.

Since its relaunch, Maplerad has demonstrated substantial growth, processing over $500 million in transactions for more than 3,000 businesses and reaching over five million end-users across eight African countries: Nigeria, Ghana, Kenya, Côte d'Ivoire, Benin, Cameroon, Uganda, and Tanzania. They have partnered with major regional players like MTN and Orange. The company secured a $6 million seed round from Valar Ventures, a US venture capital firm, signaling strong investor confidence in their model.

By positioning itself as core infrastructure for the underserved $300-$500 billion annual cross-border B2B payments market in Africa, Maplerad aims to directly impact the high fees paid by families. While regulatory fragmentation and foreign exchange margins remain challenges, Maplerad's platform represents a significant step towards achieving lower remittance costs and fostering a more efficient financial ecosystem across the continent.