Ridwan Olalere, Co-Founder and CEO of LemFi – Interview Series

Ridwan Olalere, Co-Founder and CEO of LemFi, is a fintech entrepreneur with deep experience across payment infrastructure and operations in Africa and beyond — from a senior software developer role at Flutterwave to leadership positions at OPay (where he helped build and scale ORide) and a period as country manager for Uber Nigeria — before founding LemFi in 2020. Over five years leading the company, he has focused on creating a global financial services hub designed to give immigrants faster, more transparent, and more affordable access to essential cross-border financial tools.

LemFi is a global fintech platform built to serve immigrants who need simple, reliable ways to move money internationally and manage finances across borders. The service offers multi-currency wallets, fast transfers to bank accounts or mobile wallets in dozens of countries, competitive exchange rates, and low-fee international payments. The company has also expanded into innovative credit-based remittance options to help users send money even when funds are tight, reinforcing its mission to remove financial barriers for diaspora communities worldwide.

You’ve built LemFi from the ground up to empower immigrants financially. Can you share what inspired the founding of the company and how your earlier experience at Flutterwave, OPay, and Uber shaped LemFi’s mission?

LemFi was born out of a deeply personal frustration around the financial barriers immigrants face when trying to build a life abroad while supporting loved ones. Having seen firsthand how traditional financial systems overlook this community, we set out to build something different: a financial ecosystem designed for immigrants, not just one that happens to serve them.

Our experiences at companies like Flutterwave, OPay, and Uber gave us a global perspective on scaling technology in highly regulated, cross-border environments. We learned how to build for inclusivity and reliability at scale, lessons that have become foundational to LemFi’s mission of empowering global citizens to move, send and increase their wealth seamlessly.

LemFi serves over 2 million users across multiple countries. What were the biggest challenges in building a seamless payment infrastructure for underserved immigrant communities?

Building for our customers meant tackling a range of complexities, from fragmented payment rails and varying compliance frameworks to inconsistent data availability. Traditional systems are not designed with cross-border mobility in mind – a credit rating in one country doesn’t translate into another, so immigrants often face challenges when applying for a credit card or getting on the housing ladder.

Our main challenge was about creating financial dignity through accessibility. We have had to reimagine everything from identity verification to transaction flow. This has enabled us to create an AI-powered infrastructure that integrates open banking, local partnerships and real-time monitoring. We can serve customers in over 30 destination countries while keeping transfers instant, secure and compliant.

Many traditional financial systems still overlook immigrants who lack conventional credit histories. How is LemFi using AI to overcome “credit invisibility” and improve access to fair financial products?

“Credit invisibility” is one of the most significant barriers immigrants face when trying to access fair financial products. At LemFi, we’re addressing this through our AI-driven credit infrastructure, which looks beyond traditional credit bureaus.

Our Ensemble AI model draws from open banking data, remittance behaviour and international credit footprints to build a holistic view of a customer’s financial reliability. This allows us to extend responsible credit, even to those new to a country, while helping them establish or strengthen their local credit profiles over time.

The new Send Now, Pay Later (SNPL) feature is a major innovation in cross-border payments. How does this system assess creditworthiness responsibly while ensuring users aren’t overextended?

Send Now, Pay Later (SNPL) was designed to remove the most painful constraint in remittances – cash flow timing. It allows customers to send money home instantly and pay later, aligned with their salary cycles. Consumers are used to using Buy Now, Pay Later tools to buy a sofa or a TV; why not for remittance?

Behind the scenes, our AI system assesses creditworthiness responsibly using real-time income data, repayment history, and affordability insights through open banking. Limits range from £300 to £1,000 initially, with safeguards like automatic repayments and continuous risk monitoring. The goal is simple: to empower our customers without overextending them.

Could you elaborate on the Ensemble AI model powering LemFi? What data sources and decisioning logic does it use to make accurate and inclusive lending decisions?

Our Ensemble AI model is the intelligence behind our credit system. It aggregates and analyses diverse data sources, including national credit bureaus, open banking APIs, and LemFi’s proprietary transaction history, to make fair and accurate credit decisions.

Instead of relying on a single score, the model adapts dynamically to each customer’s available data. For example, if a customer has a limited local credit history but a strong remittance record, Ensemble adjusts its weighting accordingly. This approach ensures inclusivity while maintaining precision in risk assessment.

Balancing speed, security, and compliance across different jurisdictions can be complex. How does LemFi ensure that transactions remain both instant and fully compliant with global regulations?

Operating across multiple jurisdictions requires precision, in compliance as well as technology. We created LemFi to enable instant, secure transfers by building regulatory compliance directly into our infrastructure.

We partner with regulated financial institutions and maintain authorisation through partners like Fintern Ltd in the UK, ensuring all credit activities meet FCA standards. Every transaction is screened in real time for AML and KYC compliance. By designing for regulation rather than treating it as an afterthought, we have achieved the rare balance of speed and trust.

Remittances are often more than just financial transfers—they’re a lifeline for families. How do you see LemFi evolving to support broader financial wellness for immigrant communities beyond sending money home?

For many of our customers, remittances are the first step toward building a financial identity. But our vision also extends further. We want to help immigrants thrive financially wherever they are. We’re expanding from simple money transfers to a full-stack financial platform offering credit, savings, and digital payments. With SNPL and LemFi Credit, customers can start building local credit histories while supporting family abroad. Over time, we see LemFi evolving into the financial home base for the global immigrant community.

AI bias is a persistent concern in financial systems. What steps is LemFi taking to ensure its AI decisioning models remain transparent and equitable across diverse user groups?

AI bias is a real risk in financial decision-making, especially when serving diverse populations. LemFi’s approach to fairness starts with transparency and diversity in data.

Our Ensemble model continuously audits decision outcomes to identify and correct any disproportionate impact across demographic groups. We also integrate explainability tools that allow customers to understand why certain credit decisions were made. By combining diverse data inputs with human oversight, we ensure that inclusion is built into the system’s architecture.

Looking ahead, how do you envision AI transforming cross-border finance over the next five years, and what role will LemFi play in shaping that future?

AI will redefine cross-border finance over the next five years, from real-time fraud prevention to predictive cash flow management and personalised financial planning.

At LemFi, we’re leading this transformation by using AI to bridge systemic gaps. Our focus is on creating technology that understands the unique financial journeys of immigrants and adapts to their realities. The next frontier is embedding intelligence across the entire financial lifecycle, helping customers beyond solely sending money, but to manage, grow and protect it globally.

Finally, what advice would you give to fintech founders aiming to tackle global financial inclusion challenges in today’s AI-driven era?

Building for financial inclusion requires both empathy and rigour. You can’t solve exclusion with technology alone; you have to understand the lived experiences behind it.

My advice to other founders is to build with your community, not just for it. Stay humble in understanding regulatory landscapes, and invest early in responsible AI and compliance infrastructure. The intersection of technology and trust is where real innovation in global finance will happen and it’s where the future of inclusion lies.