Nigerian co-founded startup, Lemfi suspends services to Ghana

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Deborah Dan-Awoh

Nigerian fintech startup LemFi, co-founded by Ridwan Olalere and Rian Cochran, has decided to suspend its financial services in Ghana, as announced in a statement on Tuesday via Instagram.  

The company expressed regret for any inconvenience caused and emphasized its appreciation for the support of its Ghanaian customers. The statement assured customers that they would be promptly informed of any changes in the future. 

Read the statement below. 

  • Important: Suspension of all services to Ghana. 
  • “Hello Everyone. We regret to inform you that we are suspending all services to Ghana. As a result, you will be unable to send money to banks and mobile money in Ghana.  
  • “We recognise that this change will bring about some inconvenience, and we sincerely apologise. We are appreciative of your business and your support. If anything changes in the future, you will be the first to know. If you need assistance, have any questions, or require further clarification, please reach out to us.” 

LemFi, formerly known as Lemonade, gained prominence after securing a $33 million Series A funding round in 2020, led by Left Lane Capital and featuring investors like Y-Combinator, Zrosk, Global Founders Capital, and Olive Tree.  

The startup aimed to empower the next generation of immigrants by offering a multi-currency platform that facilitates seamless transactions, including sending, receiving, holding, converting, and saving in both the user’s country of origin and their country of residence. 

Following its successful funding round, LemFi outlined plans to expand its product offerings to the United States, Europe, the Middle East, and Asia. The company expressed a commitment to innovation, tailoring its new products to meet the evolving needs of its user base. 

LemFi initially launched its services in Canada in 2020, focusing on providing easy and low-cost remittance payments to Nigeria, Ghana, and Kenya.

By 2021, the startup expanded to the UK, simultaneously broadening its reach by introducing 10 new African remittance corridors.

In a strategic move, LemFi acquired UK-based Rightcard Payment Services in late 2021, securing an Electronic Money Institution (EMI) license from the UK’s Financial Conduct Authority.  

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