Global B2B payment platform Nilos has announced its expansion into West Africa, entering the Ivory Coast, Senegal, Benin, and Togo. As part of its mission to simplify cross-border transactions, the company is introducing instant payouts in the West African CFA franc (XOF) and integrating mobile money services to enhance accessibility for businesses and individuals.
Founded in 2021 by Raphael Fettaya and Eytan Messika, Nilos set out to simplify financial operations for businesses operating in multiple currencies. The company provides a unified platform, allowing businesses to manage fiat and crypto payments. The following year, the startup raised $5.2m. In 2023, Nilos launched new Virtual EU IBANs targeted at companies dealing with crypto in Europe.
By offering multi-currency accounts, automated compliance tools, and integrations with traditional banks and fintech platforms, Nilos has steadily expanded its footprint, processing millions in deposits monthly and working with diverse companies, from big brands like Warner to web3 native companies like DappRadar.
As Nilos expands into Africa, it’ll tackle the persistent issues of expensive and slow cross-border payments. African businesses frequently struggle with high transaction fees, limited banking infrastructure, and fluctuating currencies. Nilos addresses these pain points by offering a platform that bypasses many traditional inefficiencies. Through multi-currency accounts (EUR, GBP, USD) and instant payouts via XOF and mobile money, Nilos promises to revolutionize payment speed and accessibility across the region.
Read also: Ivorian fintech HUB2 raises $8.5M to become the “Stripe of Francophone Africa”
With this expansion, businesses in West Africa can now top up multi-currency accounts in EUR, GBP, and USD, make instant payouts in XOF, and transfer funds via mobile money platforms. Nilos’s entry into Francophone Africa’s burgeoning payments market positions it amidst strong competition from platforms like Cauridor, HUB2, and Bizao.
As Africa’s digital economy grows, payment solutions like Nilos will play a critical role in reducing trade barriers and enabling smoother financial transactions across the continent.
