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Pesa Launched Money Transfer Service in Australia

The fintech company has opened a new corridor facilitating dual-directional payments between Australia and Nigeria.

Updated on Oct. 6, 2026 in Financial Services

Bold vector editorial illustration of a brass shipping container on a plinth, symbolizing international financial remittance between Australia and Nigeria.
Pesa has launched a new remittance service connecting Australia and Nigeria, aiming to reduce transaction costs for the Australian-Nigerian diaspora. AI Illustration. Upload story photo >

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Pesa has launched a consumer money-transfer service in Australia to facilitate payments between the country and Nigeria. By holding local liquidity, the platform aims to reduce settlement delays and eliminate traditional middleman fees for the African diaspora.

Why it matters

The service targets the underserved Nigerian community in Australia, which numbered over 12,000 residents as of the 2021 Census. This launch seeks to modernize a market where remittances are a critical financial pipeline.

In 2024, total remittances sent from Australia reached $25 billion, while the average cost of transfers to Sub-Saharan Africa hit 8.37%. Pesa generates revenue through the foreign exchange spread on these transactions.

The players

Pesa

A financial services firm originally founded as PesaPeer that provides international money transfer solutions.

Australian Transaction Reports and Analysis Centre

The agency responsible for monitoring financial transactions in Australia to prevent money laundering and terrorism financing.

The details

Customers can fund transactions through their Australian bank accounts, while Pesa utilizes locally held liquidity in Nigeria to fulfill payments. The company is authorized by the Australian Transaction Reports and Analysis Centre to conduct these operations.

Timeline

  1. Pesa was originally founded as PesaPeer in 2021.

  2. The 2021 Census recorded over 12,000 Nigeria-born residents in Australia.

  3. The company rebranded from PesaPeer to Pesa in 2023.

  4. Australia sent $25 billion in total remittances abroad during 2024.

  5. The average cost of remittances to Sub-Saharan Africa reached 8.37% in Q2 2024.

Market Landscape

This move intensifies competition within the international remittance sector, where firms increasingly vie for migrant corridors by promising lower overhead than traditional banks. By streamlining settlement, Pesa is positioning itself to capture market share from established incumbents serving the African diaspora.

Customers utilizing the new corridor can expect reduced middleman costs when sending funds between Australia and Nigeria. The service offers a more direct alternative to traditional banking transfers for individuals managing cross-border household finances.

The takeaway

The expansion reflects a broader trend of fintech platforms focusing on high-cost remittance corridors to provide competitive alternatives to legacy banking. Users should compare foreign exchange spreads to ensure they are capturing the intended savings on their transfers.

Further reading

Learn more about the latest innovations in Financial Services.

Source note: This article includes information reported by TechCabal.

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