Maplerad Rebuilds Payment Infrastructure for Africa’s $92 Billion Remittance Market

Millions of Africans working abroad send money home each year, creating one of the continent’s largest financial inflows. However, these remittances often come at a high cost—averaging 8.45% for transfers within Sub-Saharan Africa compared to a global average of 6.4%. In some corridors, fees reach as high as 12.7%, effectively diminishing the value sent.

The Problem with Current Systems

The high costs stem from how money currently moves across borders—primarily through correspondent banking networks where each intermediary bank takes a cut. This inefficient system is compounded by regulatory restrictions and limited competition on lower-volume routes.

For example, a worker sending $200 monthly might lose $17 in fees, totaling over $200 annually—an entire month’s remittance gone just to cover transfer costs.

Maplerad’s Solution

Founded in Lagos by Obinna Chukwujioke and Miracle Anyanwu, Maplerad provides businesses, banks, and fintechs with the tools to bypass these costly correspondent networks. Starting as a consumer payments app (Wirepay) before pivoting to address infrastructure bottlenecks.

Maplerad’s platform offers:

  • Real-time payment processing across borders
  • Integrated compliance features
  • Card issuance capabilities
  • Multi-currency wallets and FX management
  • Automated payout solutions—all through a single API suite

Rapid Growth and Partnerships

Since its 2022 relaunch, Maplerad has:

  • Expanded to 8 countries: Nigeria, Ghana, Kenya, Côte d’Ivoire, Benin, Cameroon, Uganda, and Tanzania
  • Partnered with regional giants like MTN and Orange
  • Processed over $500 million in transactions
  • Serves 3,000+ businesses and reaches 5+ million end users—including clients like Chipper, Remitly, and Nombank

Businesses can launch fully compliant fintech products on Maplerad’s platform in under five minutes—a process that traditionally takes months of negotiations.

The company recently raised a $6 million seed round from Valar Ventures (founded by Peter Thiel), signaling investor confidence in its approach to address Africa’s underserved B2B payments market, estimated at $300-$500 billion annually.

Impact on Remittance Costs

While the connection isn’t always visible to consumers, Maplerad’s infrastructure improvements directly benefit families who rely on remittances for essential expenses. By enabling businesses to bypass costly correspondent networks, the platform helps reduce fees and maximize the value sent home.

With sustained investment in payment infrastructure, Africa could potentially reach the UN Sustainable Development Goal of 3% remittance costs by 2027—a significant improvement over current averages.