Myrica Pay

What Myrica Pay does

Myrica Pay is a digital wallet and cross-border remittance platform founded in 2025 in Freetown, Sierra Leone, by Ibrahim Jalloh. The company serves West African individual consumers and small businesses with international money transfers, a local-currency wallet, bill and airtime payments, QR-code merchant acceptance, and an agent cash-in/cash-out network. It operates under a license from the Bank of Sierra Leone with active regulatory applications pending in The Gambia, Liberia, and Guinea, and positions itself against traditional bank remittance corridors that charge up to 10% by offering a flat 1% transaction fee with live FX rates and no hidden markups.

The platform is built on a cloud-native AWS infrastructure with biometric KYC (3D liveness detection via a third-party partner), AES 256-bit encryption, TLS device-to-server communications, and an interoperable wallet that connects to Orange, Afrimoney, QMoney, and traditional bank accounts. Distribution combines a self-serve iOS/Android mobile app, a community-based agent network providing last-mile cash services in unbanked areas, and a website channel with an agent locator. A Newark, New Jersey office supports outbound US-corridor operations, and a US tuition payment specialization is positioned as a flagship use case alongside family remittances and SME trade payments.

Revenue is generated exclusively through transaction-based mechanics: a 1% fee on transfers, exchange rate margins on currency conversions, spreads on agent cash-in and cash-out, processing fees on utility and airtime bill payments, and QR-code merchant settlement fees. The go-to-market motion is hybrid, combining product-led growth through the mobile app, channel partnerships via the independent agent network, and community-led acquisition through word-of-mouth and bilingual English/Krio customer support. No external institutional investment, venture capital funding, or parent company is disclosed.

Name

Myrica Pay

Legal name

Myrica Pay, LLC.

Website

https://myricapay.app

Company type

Private

Founded year

2025

Operating status

Operating

Short description

Myrica Pay is a Sierra Leone-licensed digital wallet and cross-border remittance platform founded in 2025 by Ibrahim Jalloh, serving West African consumers and small businesses with 1% international transfers, bill payments, and an agent cash-in/out network.

Ownership category

akta.pro rank

Product category

Cross-Border Remittances

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

akta.pro primary industry

Multi-Currency Accounts, Wallets & IBAN Services (FSAMAIAG)

akta.pro secondary industries

Digital Wallet Platforms (Consumer & Merchant) (BPAMAFAC), Cross-Border & FX Payments Platforms (BPAMAFAK), Bill Pay, Invoicing & Payables Platforms (BPAMAFAF)

Keywords

• Cross-border remittances
• Digital wallet services
• Mobile money transfers
• Bill payment platform
• Agent banking network

Headquarters

HQ city

Tallinn

HQ country

Estonia

HQ region

Europe

Offices3 records

Markets served

GTM type

B2C

Offering type

Software

Cost components

Technology or R&D, Operations, Personnel, Marketing or Sales, Others

Revenue model

1. Transaction Fees: Primary revenue stream from 1% transaction fee on all transfers, displayed transparently before confirmation. Fee applies to both domestic and international transfers.
2. Currency Exchange Margin: Revenue generated through exchange rate margins on cross-border currency conversions. Rates displayed transparently with no hidden markups.
3. Agent Network Commissions: Agents earn commissions on every cash-in and cash-out transaction they facilitate. Myrica Pay generates revenue from the spread on these transactions.
4. Bill and Utility Payments: Revenue from processing bill payments for utilities (electricity, water), airtime, and mobile data.
5. Merchant Payment Processing: QR-code based merchant payments generating processing fees from merchants accepting Myrica Pay as a payment method.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels5 records

Core offering

Myrica Pay operates a cloud-based digital wallet and cross-border payment platform enabling users in West Africa to send and receive money domestically and internationally, pay utility bills, and make QR-code based merchant payments. The platform is built around an interoperable wallet connecting all banks and mobile money providers (Orange, Afrimoney, QMoney) and is supported by a verified agent network for cash-in and cash-out services in communities without bank branches.

Product overview

Myrica Pay is a unified digital financial services platform operating as a single integrated ecosystem rather than discrete modular products. The core platform centers on a Digital Wallet that serves as the foundation, which connects to and enables all other services: Cross-Border Transfers (for international remittances and tuition payments), Bill and Utility Payments, Merchant Payments via QR code, Agent Cash-In and Cash-Out services, and Business and Trade Payments. The platform is built for West Africans, launching first in Sierra Leone with expansion planned to The Gambia, Liberia, and Guinea.

Differentiator

Problem solved

Functional benefit

Products and services

• Myrica Pay Digital Wallet
• Cross-Border Transfers
• Bill and Utility Payments
• Merchant Payments (QR Code)
• Agent Cash-In and Cash-Out
• Business and Trade Payments

Quantifiable outcome

• Save up to 80% on transfer fees compared to traditional banks and money transfer services
• +3 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature6 records

Partnerships

Five partnerships are on record, tiered core.

• KYC Biometric PartnercoreTechnology or IntegrationIndustry-leading biometric identity verification partner providing 3D liveness detection technology for KYC verification. Processes biometric data securely during account setup and ongoing verification checks.
• Global Payment NetworkcoreTechnology or IntegrationInternational payment rails trusted worldwide for cross-border settlement infrastructure. Powers outbound remittances to the United States and other international destinations.
• Banking PartnercoreTechnology or IntegrationLicensed banking partner, one of Africa's largest and most trusted financial institutions with regional expertise. Handles banking and payment processing for transactions.
• Mobile Money OperatorscoreTechnology or IntegrationPartnerships with mobile money operators including Orange, Afrimoney, and QMoney enabling interoperable wallet transactions and cross-provider money transfers.
• Bank of Sierra LeonecoreOthersPrimary financial regulator for Sierra Leone operations. Myrica Pay is licensed and operates under BSL regulatory supervision including AML/CTF, KYC, and consumer protection compliance.

Scale indicators5 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Chipper Cash: Africa-native fintech providing cross-border P2P transfers, bill pay, and merchant payments with mobile wallet interoperability. Strong comparable across product surface, geographic focus, and target user.
• Wave: Mobile money operator dominant in West Africa (Senegal, Côte d'Ivoire, Mali, Burkina Faso, The Gambia, Guinea, Sierra Leone) offering low-cost P2P transfers and merchant payments. Comparable on geography, mobile-first UX, and West African financial-inclusion thesis.
• WorldRemit: Global digital cross-border remittance platform serving African and emerging-market corridors with transparent fees and mobile wallet payout. Directly comparable to Myrica Pay's outbound remittance product from Sierra Leone.
• Sendwave: Mobile remittance app focused on African corridors with low fixed fees and mobile-money payouts. Closely aligned with Myrica Pay's West African remittance and mobile money interoperability proposition.
• Remitly: Digital remittance fintech offering mobile-first international transfers with transparent FX and fee display. Comparable to Myrica Pay's cross-border transfer UX and pricing transparency model.

Broad incumbents

• Flutterwave: Pan-African payments platform providing merchant acquiring, payouts, and cross-border APIs across multiple West African markets. Comparable on the business/SME payments and cross-border settlement axes adjacent to Myrica Pay.
• Orange Money: Pan-African mobile money platform operated by Orange with deep presence in Sierra Leone and across West Africa. A trusted partner and indirect competitor to Myrica Pay's wallet and bill-payment services.
• Onafriq (formerly MFS Africa): Africa-wide payment infrastructure network connecting mobile wallets, banks, and remittance operators. Comparable as an interoperable cross-border payments layer relevant to Myrica Pay's settlement architecture.
• MTN MoMo: Africa's largest mobile money operator spanning multiple West African markets with P2P, merchant, and cross-border services. Comparable as a broad incumbent mobile money platform overlapping with Myrica Pay's target segments.

Regional players

• Airtel Money: Mobile money service from Airtel Africa with strong footprint across several African markets. Comparable as a regional mobile money operator Myrica Pay would need to integrate with or compete against for wallet share.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/myrica-pay-financial-services

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Myrica Pay