Inside Maplerad’s Mission to Rebuild Africa’s Payments Infrastructure

Sending money across Africa still relies on chains of correspondent banks. Each link adds fees, delays, and risks, making Sub-Saharan Africa the world’s most expensive region for remittances at 8.45%, well above the UN’s 3% target. Recognising this, founders Obinna Chukwujioke and Miracle Anyanwu pivoted in 2022 from a consumer payments app to Maplerad, a Banking-as-a-Service platform. Their single API suite now offers compliance, card issuance, multi-currency wallets, foreign exchange, and automated payouts in minutes. Since the relaunch, Maplerad has processed over $500 million, serves more than 3,000 businesses—including Chipper, Remitly, and Nombank—and reaches over five million end users across Nigeria, Ghana, Kenya, Côte d’Ivoire, Benin, and Cameroon. Experts estimate that halving payment friction could create up to a million remote jobs and add $3 billion to exports. But with 54 countries and inconsistent regulations, building the rails is only step one. Maplerad’s work could be the backbone that makes the African Continental Free Trade Area a reality.

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