LemFi has appointed Dr Haydar Daudu, a former adviser to the Central Bank of Nigeria (CBN), as its Head of Regulatory Affairs and Policy for West Africa.
The appointment comes as the fintech expands its cross-border financial services across the region and seeks to strengthen its engagement with regulators and policymakers.
Daudu will lead LemFi’s regulatory and policy activities across West Africa, with an initial focus on Nigeria. He will work with the company’s legal, compliance and finance teams while providing policy insight to support business decisions and the company’s expansion.
Before joining LemFi, Daudu advised the Deputy Governor for Economic Policy at the CBN. He also served as Senior Economist and Chief of Staff at the D-8 Organisation for Economic Cooperation.
His academic background includes 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.
Why the appointment matters
LemFi’s move comes against the backdrop of Nigeria’s large and increasingly formalised remittance market.
The World Bank estimated that Nigeria received about $19.5 billion in diaspora remittances in 2023, representing roughly 35% of remittances to sub-Saharan Africa. Meanwhile, the CBN reported that inflows through international money transfer operators rose by about 44% in 2024 to $4.73 billion.
For a company operating in cross-border payments, regulatory engagement is therefore becoming an increasingly important part of expansion.
LemFi, which has been operating as a CBN-licensed international money transfer operator since 2023, has expanded beyond remittances into services including international transfers, multi-currency accounts, cards, savings and other financial products. The company says it now serves more than 2 million customers, supports transfers to over 30 countries, and processes approximately $1 billion in transactions each month.
LemFi CEO and co-founder Ridwan Olalere said Daudu’s experience in economic policy and regulation would support the company as it engages with regulators and responds to changing policy expectations.
Daudu said his focus would be on connecting policy insight with the company’s business operations while supporting responsible growth across West Africa.
The appointment places a former central-bank policy adviser inside a rapidly expanding fintech, at a time when regulation is becoming increasingly important to the growth of cross-border financial services in Africa.
