LemFi, a financial platform for people living and working across borders, has announced the appointment of Dr. Haydar Daudu as Head of Regulatory Affairs and Policy for West Africa. Dr. Daudu, an economist and former public-sector adviser, will lead LemFi's regulatory and policy engagement across the region, working closely with the company's legal, compliance, and finance leadership. This appointment reflects LemFi's commitment to constructive engagement with regulators and meeting applicable regulatory requirements as it expands across West Africa.
Dr. Haydar Daudu brings a wealth of experience to his new role, having advised the Deputy Governor, Economic Policy, at the Central Bank of Nigeria, and 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. His expertise will be invaluable in navigating the evolving regulatory framework for cross-border payments in West Africa.
Nigeria remains one of the world's largest remittance markets, with an estimated $19.5 billion in diaspora remittances received in 2023, according to the World Bank. The country received around 35% of the total for sub-Saharan Africa, and the largest of any country in the region. Money sent home by people living and working abroad is a vital source of support for millions of families, and a growing share now moves through regulated channels like LemFi.
LemFi, a CBN-licensed International Money Transfer Operator (IMTO) since 2023, serves more than 2 million customers and moves money to over 30 countries. The company has grown from a remittance provider into a broader financial platform, offering international transfers, multi-currency accounts, a card, credit-building tools, savings, and eSIM connectivity. With Dr. Daudu's appointment, LemFi is investing in senior leadership to engage regulators openly and understand evolving policy expectations.
According to Ridwan Olalere, co-founder and CEO of LemFi, "As LemFi continues to grow, we are investing in the senior leadership needed to engage regulators openly, understand evolving policy expectations and maintain the high standards our customers and partners expect." Dr. Daudu's appointment is a strategic move to ensure LemFi meets rising standards and contributes to the wider conversation on how cross-border money should be governed.
Dr. Daudu emphasized that good policy is ultimately about whether institutions and markets work better for people. He said, "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." He looks forward to engaging regulators openly, bringing policy insight into the business, and ensuring that growth across West Africa is responsible and credible.
LemFi processes around $1 billion in transactions each month and is backed by investors including Highland Europe, Left Lane Capital, Endeavor Catalyst, Palm Drive Capital, and Y Combinator. The company's growth and expansion across West Africa will be supported by Dr. Daudu's expertise in regulatory affairs and policy, ensuring that LemFi remains a trusted and reliable partner for its customers and stakeholders.
Key points
- LemFi appoints Dr. Haydar Daudu as Head of Regulatory Affairs and Policy for West Africa, focusing on Nigeria and regulatory engagement.
- Dr. Daudu brings extensive experience in economic policy and regulatory affairs to his new role.
- LemFi serves over 2 million customers, supporting transfers to over 30 countries and processing around $1 billion in transactions monthly.
