SeedFi secures Canadian licenses, launches remittance app Kouriar
Nigerian fintech SeedFi has secured key Canadian regulatory approvals to launch its Kouriar remittance platform, marking a strategic pivot from domestic credit to cross-border payments.
SeedFi has launched Kouriar, a cross-border remittance platform, after securing FINTRAC, Money Services Business, and Payment Service Provider registrations in Canada. The product initially targets the Canada-to-Nigeria payment corridor.
The move represents a deliberate pivot for the company from a domestic credit provider to a multi-market financial infrastructure business. For market participants, the regulatory clearances establish a necessary compliance moat in a sector heavily constrained by strict anti-money laundering rules. Securing these licenses is often the primary operational bottleneck for fintechs attempting to process international flows.
Canada’s remittance market is substantial, driven by a growing immigrant population maintaining financial ties with Africa, Asia, and Latin America. Nigerians living in Canada routinely send money home to support families, fund education, and finance local businesses. Kouriar is built to capture this volume by offering competitive exchange rates, rapid transfer speeds, and transparent pricing.
Entering the remittance space shifts SeedFi’s revenue profile away from domestic credit risk toward transaction-based cross-border fees. This diversification reduces the company's direct exposure to local economic fluctuations and interest rate cycles in Nigeria. It also positions the firm to compete for market share against established global money transfer operators that have historically dominated diaspora corridors.
The company plans to use the Canadian market as a foundational stepping stone for wider geographic expansion. "Canada represents one of the most important corridors for African diaspora communities and serves as our entry point into the international payments market," said Pelumi Alli, Co-founder and CEO, SeedFi. "However, our vision extends beyond a single corridor. We are building trusted financial infrastructure that helps people stay connected across borders, and Kouriar is an important step in that journey."
To execute this strategy, SeedFi will now need to secure additional regulatory approvals in new target jurisdictions. Management indicated it intends to broaden its suite of financial services beyond remittances as it scales its international operations.
