How Oneremit processed over $20 million in H1 2025 with a concierge model

The typical narrative of Nigerian fintechs often begins in the bustling, digital-first hubs of Lagos. 

Yet, Oneremit, a rapidly growing cross-border payment solution, carves out a different story. Its success is not solely built on sleek apps or virtual interactions, but on a deeply practical, “concierge mentality” that puts human connection and trust at its core.

This hands-on approach—showing up at customers’ offices, building relationships, and providing round-the-clock support—has enabled OneRemit to process millions of dollars in cross-border transactions, demonstrating the power of personal touch in a digital age.

While Oneremit certainly leverages modern blockchain technology, it’s this unique blend of old-school relationship banking and innovative tech that has positioned them as one of Nigeria’s most intriguing remittance players, especially for businesses seeking reliability beyond a faceless platform.

Hammed Afenifere: A pioneer in crypto-powered cross-border payments

OneRemit’s co-founder and CEO, Hammed Afenifere, didn’t set out to build a fintech giant from a Lagos high-rise. Instead, his journey began in Ibadan, a city where his roots, networks, and a foundational base of trust were already established. “Lagos is still the place to be,” Afenifere acknowledges, “but starting in Ibadan gave me a lot of advantages because I had connections, a customer base, and people who trusted what I could deliver.”

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Since 2015, Afenifere has informally tackled Nigeria’s foreign exchange challenges, pioneering a system using LocalBitcoin to convert naira to Bitcoin, then to any desired currency. After four years refining this Bitcoin-based workaround, Hammed relocated to Europe for further studies and discovered the same hurdles persisted. “Fellow Nigerians would tell me they couldn’t pay tuition or vendor fees,” he recalls. Again, he stepped in: collect naira, convert to Bitcoin, swap to euros.

These informal successes, alongside a private crypto-focused investment fund, he co-founded, consistently highlighted the persistent problem of moving money seamlessly and affordably across borders.

Armed with these lessons, Afenifere and his co-founder set out in 2023 to formalise and scale their trust-based approach, leading to the creation of OneRemit. They knew that to truly scale, they would need a globally accessible mobile app and essential regulatory licenses, which they now hold as a registered MSB in Canada and the US, with approval-in-principle for Nigeria’s IMTO.

Oneremit: building trust through proximity

Oneremit’s operating model is fundamentally different from many digital-first players. Their concierge approach is particularly effective in B2B transactions, where businesses move large sums of money and trust is paramount. “You cannot just trust a random app to process that kind of transaction,” Afenifere notes. “You need to deliver on time and prove you won’t run away with their money.”

Building this deep trust involves more than just a sleek interface. Oneremit actively presents licenses, provides references from existing large corporate clients, and encourages new clients to start with small transactions. “We’re not aggressive, because we want you to feel comfortable doing business with us,” Afenifere explains. “We encourage small transactions first. If it goes well, you can increase over time. We’ve not lost a single customer since we started.”

This commitment to reliability is further cemented by their 24/7 support model, with team members across Nigerian and Canadian time zones ensuring assistance is always available.

Currently, approximately 70% of Oneremit’s transactions still occur via over-the-counter (OTC) channels, allowing enterprise clients direct interaction with staff while an online platform caters to self-service SMEs. “We meet face-to-face with potential clients and businesses. We go to their offices, collect their documents, and help them complete the onboarding onto our platform. We don’t just depend on online channels,” says Afenifere.

This strategy has cultivated strong relationships across Nigeria’s business landscape, serving clients in energy and other major corporations who require consistent, reliable international payments. Their focus on B2B clients underscores their understanding that complex business transactions demand higher levels of trust and personalised service.

“Our focus is on solving payment problems, not pushing a specific technology”

While the human element is central, Oneremit effectively leverages technology to enhance its practical approach. Their pricing structure is designed for simplicity and transparency: “We don’t charge any fee, everything is in the rate,” Afenifere says. “Yet, our rates are the closest to mid-market. Some of our competitors who also claim ‘no fees’ charge as high as 7-8% above the mid-market rate, but many people don’t know.” This transparency, combined with the use of stablecoins at the core of their operations, allows them to offer same-day settlement for most client transactions without hidden costs.

This strategic deployment of technology highlights Oneremit’s pragmatic view. Given the recent hype cycle for crypto (particularly stablecoins) for international payments, Afenifere, who was one of the earliest adopters, explains that, “We don’t force stablecoins down anyone’s throat. We explain the benefits, but when someone needs to send money abroad, we give them options and let them choose what works best. Our focus is on solving payment problems, not pushing a specific technology.”

In addition, Oneremit’s transaction patterns offer a fascinating glimpse into Nigeria’s global trade. While the UK remains a top destination for outbound remittances, China dominates business payments due to import relationships. Intriguingly, they’ve also identified unusual corridors like Brazil and India for medical equipment, and even Norway for fish imports, showcasing the diverse needs of Nigerian businesses.

“One of our customers, based in Ibadan, imports fish for a living. That was the first time I realised that all the fish we eat in Nigeria, we import them,” he says jokingly. 

Indeed, Norway is one of the top 10 import sources to Nigeria and a top 3 fish export partner to Norway. The BBC covered Nigeria’s love affair with Norwegian fish (often locally referred to as ‘stock fish’).

What’s next for Oneremit?

Before the end of the year, Oneremit aims to expand its currency options beyond the current six—USD, GBP, EUR, CNY, CAD and AUD—by adding UAE dirhams, Moroccan dirhams, Brazilian real, and Indian rupees. While these currencies are already supported in OTC transactions, the team plans to make them directly available on its online platform for users. Also, although its main operating base is Nigeria, the startup can collect Ghanaian cedis in exchange for any of the currencies it offers.

They are also preparing to launch retail services alongside their B2B focus, whilst potentially pursuing licences in the UK and Europe, signalling a broader reach for their proven, trust-based model.

In a rapidly digitising world, Oneremit stands out by demonstrating that true innovation in cross-border payments, especially in markets like Africa, often comes from a deep understanding of human needs: trust, reliability, and personalised service. By blending cutting-edge technology with an unwavering commitment to getting “hands dirty” and building genuine relationships, Oneremit is not just moving money; it’s redefining what it means to build trust in global finance.