A Lagos based fintech platform, SurgePay, has secured a six figure award from the Stellar Community Fund, strengthening its push to scale cross border payment solutions for African businesses and the diaspora. The funding follows a competitive selection process involving 85 global applicants and comes as the company continues to process live transactions and expand its financial services offering.
SurgePay is focused on simplifying cross border payments, particularly for small businesses and Africans in the diaspora who often face high fees and long transaction times. The platform enables instant transfers, multi currency payments, and stablecoin to Naira conversions, allowing users to move money across countries without relying on multiple applications or traditional remittance systems that can take days to complete transactions.
Built on blockchain infrastructure provided by Stellar, the platform processes transactions within seconds at significantly lower costs compared to conventional financial systems. The company said its services currently operate at about 3 percent total transaction cost, compared to an industry average of nearly 9 percent, offering a more affordable option for businesses managing international payments and individuals sending money home.
In the last two months, SurgePay has processed over 150,000 dollars in transactions, reflecting growing adoption among users. The company plans to expand its services with new features including investment tools, business payment solutions, and partnerships with global financial institutions, as it targets increased transaction volumes and broader market reach in the coming years.