For a growing number of Nigerian businesses, Canada is no longer just where family lives or where people go to study. It is a market.
Businesses in Lagos pay Canadian software vendors, consultants, logistics partners, and collaborators. But for many, the payment is still the hardest part of the relationship. Transfers sit in “processing” for days. Exchange rates shift before the money lands. Recipients ask, politely at first, whether anything has been sent.
Oneremit, the cross-border payments platform built for African businesses, is closing that gap, with payments to Canada settling in minutes.
The approach starts with regulation. Oneremit is registered with FINTRAC, Canada’s financial intelligence agency, and complies with the Retail Payment Activities Act (RPAA) under the supervision of the Bank of Canada. That foundation allows payments to reach Canadian recipients through [local rails such as Interac and EFT], the same networks Canadians use every day, rather than long correspondent banking chains.
For the business sending the money, the effect is simple: paying a partner in Toronto starts to feel like paying one next door.
The same infrastructure powers Nexus by Oneremit, the company’s education payments platform, helping Nigerian families pay tuition to Canadian universities before deadlines, not after them.
“Businesses in Lagos, Accra and Nairobi are doing business with the world, and they deserve infrastructure that treats them that way,” says Hammed Afenifere, CEO and co-founder of Oneremit. “That is the standard we are building to,” He added.
According to Chibuzor Uchenwoke, Oneremit’s Head of Marketing, businesses want less features and more certainty.
“They want to know when a payment leaves, when it lands and exactly what their recipient receives. Getting the regulatory foundation right in Canada is what makes that possible.” Chibuzor said.
The Canada corridor is one part of a wider regulated network. Oneremit holds IMTO licensing in Nigeria and Money Services Business registration with FinCEN in the United States, with expansion underway in the United Kingdom and Ghana. Today, the platform helps African businesses pay and get paid across more than 100 countries.
Lagos and Toronto are roughly 9,000 kilometres apart. For the businesses moving money between them, that distance is finally starting to feel smaller.
Businesses can get started at Oneremit.co.
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