Lumepay has officially launched its cross border payment platform, offering African businesses, financial institutions and corporates a unified solution for international transactions. The company said the platform is designed to simplify currency exchange, liquidity management, collections, payouts and settlements, helping businesses move money across borders faster and more efficiently.
The launch comes as African businesses continue to face challenges such as limited foreign exchange liquidity, high transaction costs and delays caused by multiple payment intermediaries. Lumepay said its platform provides transparent pricing, near instant settlements, direct access to local payment rails in several African currencies and application programming interface, API, integration for real time transaction visibility.
According to the company, businesses can create multi currency wallets to send, receive and convert funds across more than 20 currencies, with foreign exchange fees claimed to be up to 40 per cent lower than prevailing market rates. The platform is aimed at supporting exporters, importers, merchants and small and medium sized enterprises engaged in cross border trade.
Lumepay said it is already processing live transactions and operates under regulatory approvals in Canada and through licensed partners across Africa. The company believes its payment infrastructure will improve cash flow, reduce transaction costs and support greater participation of African businesses in the global economy.