Novacrust Founded to solve Africa’s Cross-Border Payment Nightmare – Firm

As Nigeria and it’s digital economy continues to attract global attention, a new financial technology platform, Novacrust, has officially entered the market to solve the persistent payment hurdles facing the country’s growing workforce of freelancers, remote workers, and entrepreneurs.

The platform, which has gone live in Nigeria, Ghana, South Africa, and Kenya, aims to replace the fragmented, multi-app approach that many digital professionals have been forced to adopt to manage their international earnings.

Marketing Lead of Novacrust, Tolu Folayan, explained that the product was built by people spread across different parts of the world, which provided the team with an intimate understanding of the complex problems surrounding cross-border payments today.

Folayan stated that the team wakes up every morning focused on ensuring that freelancers in Lagos, remote workers in Nairobi, business owners in Kigali, and creators in Accra never have to lose money just to access funds they have already earned.

The company identified its primary target as the digital professional who earns in dollars but lives in local currencies such as the naira, cedi, or shilling.

According to the company, these individuals, ranging from Upwork freelancers to content creators on YouTube and Patreon, are already integrated into the global economy, but are being held back by a lack of adequate financial infrastructure.

Novacrust noted that “while merchants and businesses represent a natural next phase for their development, the initial focus of the platform belongs to Africa’s digital workforce, who they identified as the most underserved and fastest-growing segment across their primary markets”.

Novacrust highlighted that its model is a direct challenge to the high costs associated with traditional banking.

The company said, “Many traditional banks across the continent continue to charge fees that appear designed to punish cross-border transactions, often through high foreign exchange spreads and hidden intermediary charges.”

In contrast, Novacrust stated that it operates on a transparent, low-fee model that avoids hidden charges or surprise costs buried in the fine print.

The company asserted that by showing competitive exchange rates clearly before a transaction is confirmed, they ensure users consistently keep more of what they earn.

Addressing concerns regarding regulatory compliance, particularly in light of Nigeria’s evolving guidelines for digital assets, the company maintained that security and legality were built into the platform from the ground up rather than being treated as an afterthought.

Novacrust clarified that it functions as a financial technology company where all banking services are provided by licensed partners, ensuring it does not operate as an unlicensed custodian.

The firm noted that it remains in close contact with regulators, including the Central Bank of Nigeria and the Securities and Exchange Commission, to ensure that its crypto and stablecoin features remain compliant with local frameworks.

“Our platform currently provides a comprehensive suite of tools, including global USD accounts for receiving wire payments, virtual cards with a $10,000 monthly spending limit, and instant currency exchange,” it added.

Although, the company is focusing its immediate expansion on Zambia and Tanzania, it confirmed that users can already send money seamlessly to over 50 countries. For more information, the public is encouraged to visit novacrust.com.