Daumantas Dvilinskas is the co-founder and chief executive officer of TransferGo. In this interview with BusinessDay’s Chinwe Michael, he spoke about the Nigerian and African fintech landscape and TransferGo’s proposed launch in the Nigerian market.
Can you give us a summary of TransferGo’s operations, growth and key success highlights across countries of operations?
TransferGo is a global fintech business creating a fairer world for millions of citizens by offering simpler, more affordable financial services.
Celebrating twelve (12) years of innovation, our organisation continues to break down barriers, supporting over seven million customers across 160 countries while remaining profitable. With a strong focus on financial inclusion, TransferGo’s mission is to make the world fairer by transforming how people and businesses send their money.
Read also: The future of Nigerian finTech
One of the core focus areas for any organisation operating in the payments and money transfer space is prioritising easy and fast payment solutions. How well has your organisation been able to deliver given the challenges?
Last year, we experienced record growth in customers, transactions, and revenue. Our focus for 2024 has been to expand our product offering, as well as to enhance the end-to-end experience for our customers.
Following a successful $10 million capital raise earlier in the year, we have made a significant investment in the ongoing development of our products and bolstered our ranks with exciting talent from across the industry including African markets.
Can you tell us about your proposed Nigerian launch and when is it likely to be?
We aim to become the leading pan-African digital remittances provider and save millions of dollars for our hard-working customers supporting their families and friends in Nigeria, Ghana and other African countries.
We have been proudly serving the Nigerian market for the past couple of years, and this year, we have significantly increased our investment to ensure we deliver excellence in the most localised way possible.
We recently announced the appointment of Dolapo Omotoso as our revenue director for Nigeria, a testament to our commitment to this vibrant market. Furthermore, we are committed to growing a strong client support team to enhance our ability to serve the interests of our Nigerian customers.
We will offer them the best of our globally empowered and locally user-friendly extended customer service and product experience.
Read also: Here are 10 fintechs driving e-payment boom in Nigeria
What is your view of the regulatory environment in Nigeria, especially as it relates to fintechs like TransferGo?
We believe in fostering a productive dialogue with regulators and law enforcement institutions.
Additionally, we are open to sharing the best global practices we have collected during our 12 years in service. We aim to showcase the immense benefits that fintech innovation brings to users and its future potential to foster economic growth and well-being for the people.
Can you share your global experiences in creating a business-friendly environment that can help Nigeria and Africa’s fintech landscape thrive?
A thriving fintech ecosystem requires clear and supportive regulations, access to capital, robust technological infrastructure, and skilled talents.
Market demand, particularly among the unbanked, innovation hubs, and strong partnerships between ecosystem players are also crucial.
A stable economic environment, consumer trust, protection, and adopting global best practices are essential. Nigeria and Africa can create a business-friendly environment that promotes fintech innovation, financial inclusion, and economic growth by fostering ease of doing business, encouraging collaboration, and providing government support.
A lot of migrants are being exploited through remittances so how is your organisation helping to address this issue?
As individuals pursue opportunities across borders, facilitating seamless, instant, and cheaper financial transactions is more important than ever.
At TransferGo, we aim to create a fairer world for global citizens, providing a simple, affordable, and secure way to send money internationally. This inspires us to provide the best world-class experience and invest even more into a trusted relationship with our customers.
Read also: Fintechs should leverage partnerships to explore new markets — ChipperCash CEO
Comparatively, in your areas of operation across the world, where is fintech developing the most and what can Africa learn from it?
Fintech is developing rapidly across various regions, with notable advancements in Asia, Europe, and North America. In Asia, particularly in China and India, fintech innovations have transformed financial services with massive adoption of mobile payments, digital banking, and peer-to-peer lending.
Europe, especially the UK and the Nordic countries, has seen significant growth in fintech, driven by a supportive regulatory environment and a high level of digital literacy.
As a major player in the remittances industry, what are some of the key challenges and opportunities across countries of operations, and Nigeria in particular?
The remittance industry in Nigeria faces several challenges, such as navigating complex regulations, dealing with fluctuating exchange rates, and maintaining strong anti-money laundering measures.
Many people still prefer cash transactions, which are less secure and harder to manage, and low financial literacy can slow the adoption of digital solutions.
However, there are exciting opportunities. The increasing use of mobile technology and internet access in Nigeria can make remittance services more accessible and efficient.
There’s a growing demand for faster, cheaper, and more transparent remittance options, where fintech companies like TransferGo excel. Additionally, strong support from the Nigerian community in the diaspora for their families back home ensures a steady market for these services.
Read also: Mastercard, Scale to help fintechs rollout payment features
Looking ahead, what are your top priorities for TransferGo in Nigeria over the next few years? How do you plan to sustain and enhance your market presence?
We aim to become the leading pan-African digital remittances provider, saving millions of dollars for our hard-working customers who support their families and friends in Nigeria, Ghana and other African countries.
Our numbers show that transaction volume and numbers doubled this year compared to 2023, indicating a significant need for a fairer and more reliable money transfer service.
We will be growing our strong client support team for the global Nigerian community, expanding our payout options, establishing sustainable relationships with authorities in the industry to secure smooth operations, and providing the best globally empowered and locally user-friendly infused platform experience for our customers.
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