By Seun Ibiyemi
Nigerian fintech start-up, Rendcore, has entered into a strategic partnership with Safe Haven Microfinance Bank (MFB) and Monirates to capture part of Nigeria’s $20.5 billion annual remittance inflows, according to the World Bank (2023).
The partnership, announced in a statement signed by Rendcore’s Chief Executive Officer, Mr. Gabriel Iruaga, positions the company to leverage its peer-to-peer (P2P) foreign currency exchange, cross-border remittance, and tuition payment services to provide cheaper, faster, and more reliable financial solutions for Nigerians.
Iruaga said the collaboration would give Rendcore a stronger regulatory backbone through Safe Haven MFB’s compliance framework, enhancing the firm’s foreign exchange and payments operations.
On the international front, Monirates, an International Money Transfer Operator regulated by the UK FCA and the Central Bank of Nigeria will provide Rendcore with access to global corridors, processing more than $150 million annually across Africa, Europe, and North America.
“By combining our P2P technology with Safe Haven’s regulatory backing and Monirates’ international network, Rendcore is giving users a trusted channel to move money globally at lower cost,” Iruaga said.
The fintech’s P2P FX marketplace reportedly offers exchange rates up to 15 percent cheaper than traditional banks, helping Nigerians save significantly on transfers and tuition payments.
With the partnership, Rendcore aims to achieve a tenfold increase in active users while facilitating at least 10,000 tuition payment transactions for Nigerian students abroad within two years.
Iruaga stressed that the partnership represents a turning point in addressing the barriers Nigerians face in accessing affordable foreign exchange, secure remittances, and seamless tuition payment services.
Rendcore’s collaboration with Safe Haven MFB and Monirates is expected to expand financial inclusion and improve global payment access for students, SMEs, and professionals, as Nigeria remains sub-Saharan Africa’s largest recipient of remittances.