LemFi has appointed economist and former public-sector adviser Dr Haydar Daudu as its Head of Regulatory Affairs and Policy for West Africa, as the financial technology company expands its cross-border services in the region.
Daudu previously advised the Deputy Governor for Economic Policy at the Central Bank of Nigeria (CBN). He has also served as Senior Economist and Chief of Staff at the D-8 Organisation for Economic Cooperation.
He holds a PhD in Economics from Nile University of Nigeria, a first-class degree in Economics from the University of Essex and an MSc in Development Economics and Policy from the University of Manchester.
In his new role, Daudu will oversee LemFi’s regulatory and policy engagement across West Africa. He will work with the company’s legal, compliance and finance teams as LemFi navigates regulatory requirements across the markets where it operates.
The appointment comes as regulators across Africa continue to develop rules for digital financial services and cross-border payments.
“Haydar brings a rare combination of economic-policy experience, regulatory understanding and practical insight into the markets we serve,” said Ridwan Olalere, co-founder and CEO of LemFi.
Nigeria is a major remittance market in Africa. The World Bank estimated that the country received $19.5 billion in diaspora remittances in 2023, accounting for about 35% of remittance inflows to sub-Saharan Africa.
Official data also shows growing activity through regulated international money transfer operators. The Central Bank of Nigeria reported that remittance inflows through international money transfer operators rose by about 44% in 2024 to $4.73 billion.
For companies such as LemFi, the growth of cross-border payments comes alongside increasing regulatory scrutiny. Daudu’s role will include engaging with regulators and bringing policy considerations into the company’s expansion plans across West Africa.
“Cross-border finance has enormous potential to connect families, businesses and economies, but that potential depends on trust, sound regulation and institutions that can keep pace with innovation,” Daudu said.
LemFi was founded in 2021 as a remittance provider and has since expanded into a broader financial platform for people living and working across borders.
The company offers international money transfers, multi-currency accounts, cards, credit-building services, savings products and eSIM connectivity. It says it now serves more than 2 million customers, supports transfers to more than 30 countries and processes about $1 billion in transactions each month.
LemFi is backed by investors including Highland Europe, Left Lane Capital, Endeavour Catalyst, Palm Drive Capital and Y Combinator.