Raenest wants users to earn from their money, not just receive it
Raenest wants users to do more than receive money from abroad, its co-founder and CEO, Richard Oyome, said at Moonshot 2026.
Raenest, a Nigerian fintech company specializing in cross-border payments, is shifting its focus from merely receiving funds to enabling users to earn from their money. The CEO, Richard Oyome, highlighted this strategic evolution during the Moonshot 2026 event in Lagos. This shift is rooted in the changing landscape of Africa's fintech market, which has evolved from expanding digital banking and lending to facilitating international payments as remote work surged during the COVID-19 pandemic.
Oyome emphasized that Raenest's new offerings, such as the Raenest Vaults savings product, aim to address users' need to store and grow their funds. With annual yields of up to 16% on naira balances and 7% on dollar and stablecoin balances, the vaults represent Raenest's move towards a more comprehensive financial services model. The company also expanded its capabilities for USDT and USDC payments, enhanced invoicing and payment links, and introduced new card options.
Oyome clarified that Raenest's journey began with the focus on receiving payments, but now, the company is prioritizing the ability to spend and earn. Founded in 2022, Raenest has already amassed over 1.5 million customers and processed more than $3 billion in transactions. The company's mission is to empower individuals, freelancers, creators, and businesses to participate in the global economy by providing them with accounts in their own names, enabling them to connect to international markets.
In July, Nigeria adopted a Virtual Assets Coordination order, which established a regulatory framework for oversight among financial, revenue, and capital markets agencies. This development, coupled with Ghana's introduction of a Virtual Asset Service Providers Act in 2025, signals a growing openness towards digital assets in Africa.
Oyome believes that the current environment is favorable for companies operating in the crypto industry, particularly in the stablecoin space. Raenest sees stablecoins as a means to expedite payment operations and minimize the technical complexity associated with moving money across different networks.
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