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SentBe Enters the Global $5.9B Digital Overseas Remittance Market
By 2031, the digital overseas remittance market, expected to grow annually by 22%, will likely reach $45.2 billion. In this burgeoning market, SentBe, led by CEO Alex Seong-Ouk Choi, has announced its definitive entry.
Following the June introduction of the API-based B2B payment solution ‘SentBiz KRW Collection’, supporting seamless international business payments for foreign enterprises requiring Korean Won collection and multi-currency settlements, SentBe is poised to expand its personal small-scale overseas remittance service regionally on a global scale.
Recent studies by global market research platform Business Research have forecast the digital overseas remittance market, worth $5.9 billion in 2022, to grow at a 22% annual rate, reaching $45.2 billion by 2031.
The rise in migrant workers and the increasing prevalence of easy and quick remittance options, compared to traditional banking services, are accelerating this growth.
In response, SentBe is intensifying its direct global market entry, capitalizing on its competitive edge in digital overseas remittance services. Having established a corporation in Singapore, Asia’s forex financial hub, SentBe is bolstering its competitiveness in providing overseas remittance and payment services, utilizing its efficiency, ease of use, and customer accessibility.
SentBe’s remittance services are well-recognized for their low fees, rapid processing, 24/7 availability, and recipient-friendly options.
Established in 2015, SentBe strives toward its mission of “A World Without Financial Borders,” developing a broad global partnership network and building a business infrastructure aligned with global standards.
SentBe showcases both the individual small-scale overseas remittance service ‘SentBe’ and the business-focused overseas remittance and payment solution ‘SentBiz’.
Particularly noteworthy, SentBe initiated its C2C service in 2016, focusing initially on migrant workers within Korea. This service was distinguished by its safety, convenience, and competitively low fees.
Following its domestic success, SentBe expanded this service across various Asian countries, including Singapore and Indonesia, based on its strong performance and positive reception. As SentBe prepares for its entry into the global market, the C2C service is set to broaden significantly.
This expansion will cater not only to migrant workers and Korean expatriates within the countries where the service is offered but also to students and other long-term residents from Korea, effectively making SentBes services accessible to a global audience.
Currently, SentBe’s C2C service supports remittances to over 50 countries globally, including the United States, Thailand, the Philippines, and Malaysia, with the capability to complete transactions within a single day. Offering remittance fees that are up to 90% lower compared to conventional banks, this service has become increasingly popular among migrant workers in Korea and across Asia.
According to SentBe’s 2023 Business Impact Report, from 2016 to 2023, migrant workers using the C2C service have saved a total of $264 million in fees. Notably, 71% of these transactions have been remittances sent back to Southeast Asia, indicating that the savings on fees significantly boosted the amount of money workers could send home.
Looking forward, SentBe is committed to further refining the remittance process, drawing on its comprehensive understanding of the remittance needs and experiences of migrant workers from Asia, including those in Korea, Indonesia, and Singapore.
Additionally, SentBe is significantly enhancing cost reduction and operational efficiency for both domestic and international companies through its proprietary API settlement solution, ‘SentBiz’.
This service offers tailored financial solutions to global corporations that require local settlements in individual countries. From 2020 to 2023, companies utilizing SentBiz have realized a total of $76 million in fee savings.
The recently launched SentBiz KRW Collection, for instance, provides a comprehensive one-stop service for international money transfer operators (MTOs), payment gateway (PG) providers, and global e-commerce platforms that need to collect Korean Won within the Korean market.
This service simplifies complex financial processes by offering features such as multi-currency settlements in 31 global currencies across 174 countries, enabling payment without the need for currency exchange through the use of secure virtual accounts
CEO Alex Seong-Ouk Choi of SentBe said, ‘We are continually researching the affordability, accessibility, and inclusiveness of SentBe’s offerings, as evidenced by our 2023 Business Impact Report.
Notably, 68% of transactions through our personal small-scale overseas remittance service occurred outside of traditional banking hours, and it was found that approximately 80% of transactions from our B2B client’s single requests consisted of multiple transactions, which were often processed on the same day.
For corporate clients, eliminating the need to visit a bank not only enhanced accessibility but also significantly improved their operational efficiency.
Although usage patterns vary among customers, 92% of all transactions across these services were completed within 24 hours of the request, and 90% of transactions over weekends were completed within one day.
The reason both individual and corporate clients are highly satisfied with SentBe’s services is that they offer the convenience of handling multiple transactions swiftly and outside of regular banking hours, which is not possible with traditional financial institutions.'”
CEO Choi added, “The widespread adoption of our online remittance services by both individuals and businesses has significantly contributed to the rapid growth of the digital overseas remittance market.
“As SentBe continues to expand internationally, leveraging our innovative solutions, unique business infrastructure, and secure management capabilities, we aim to be recognized as a leading cross-border payment solution company in the global fintech payment/remittance sector”.
Meanwhile, SentBe continues to drive sustainable growth and expand its geographical and service reach in the global market, based on its achievements in Korea and Asia.
It operates a dedicated in-house Legal & Compliance Division, comprising domestic and international financial legal experts, ensuring compliance with global laws and managing foreign exchange risks.
With over 80 global partnerships, SentBe maintains an information security system and safety standards that meet global criteria.
Moreover, SentBe is the first and only Korean fintech firm to have acquired a Singapore Cross-border Money Transfer Service License from the Monetary Authority of Singapore (MAS) in 2020, solidifying its robust legal foundation for handling international remittance and payment transactions.
Federal Inland Revenue Service (FIRS) has announced that the National Identification Number (NIN) issued by the National Identity Management Commission (NIMC) will automatically serve as the Tax Identification Number (Tax ID) for all Nigerian citizens, while registered businesses will use their Corporate Affairs Commission (CAC) registration numbers.
FIRS
The disclosure was made during a public awareness campaign on the new tax laws posted on X (formerly Twitter) on Monday.
According to the Service, the Nigeria Tax Administration Act (NTAA), which comes into force in January 2026, mandates the use of Tax IDs for certain financial and commercial transactions, including bank account ownership.
FIRS explained that the measure is part of efforts to unify all previously issued Tax Identification Numbers (TINs) by both the federal and state revenue services into a single identifier.
“For individuals, your NIN automatically serves as your Tax ID, while for registered companies, your CAC RC number is used. You do not need a physical card; the Tax ID is a unique number linked directly to your identity,” the Service stated.
The agency noted that the requirement has been in place since the Finance Act of 2019 but has now been strengthened under the NTAA to ensure compliance and ease of administration.
Officials emphasized that the reform would simplify tax processes, reduce duplication, and improve transparency in Nigeria’s tax system.
The Service added that the integration of NIN and CAC numbers into the tax framework would also enhance data accuracy, curb tax evasion, and streamline the monitoring of taxable activities across the country.
Tax experts have described the development as a significant step toward modernizing Nigeria’s revenue administration, noting that it aligns with global best practices where national identity systems are linked to tax compliance.
The FIRS urged Nigerians to ensure that their NINs and CAC registration details are up-to-date, stressing that the identifiers would be required for transactions such as property purchases, contract awards, and access to certain financial services once the NTAA takes effect
The United States will begin a partial suspension of visa issuance to Nigerians from January 1, 2026, following a new presidential proclamation aimed at strengthening border and national security.
The US Mission in Nigeria announced on Monday that the restriction will take effect at 12:01 a.m. Eastern Standard Time in accordance with Presidential Proclamation 10998, titled ‘Restricting and Limiting the Entry of Foreign Nationals to Protect the Security of the United States.’
According to the mission, Nigeria is one of 19 countries affected by the measure.
Others listed are Angola, Antigua and Barbuda, Benin, Burundi, Cote d’Ivoire, Cuba, Dominica, Gabon, The Gambia, Malawi, Mauritania, Senegal, Tanzania, Togo, Tonga, Venezuela, Zambia and Zimbabwe.
The proclamation provides for a partial suspension of visa issuance covering nonimmigrant B-1/B-2 visitor visas, as well as F, M and J student and exchange visitor visas.
It also applies to immigrant visas, though with limited exceptions.
The statement read in part, “Effective January 1, 2026, at 12:01 a.m. EST, in line with Presidential Proclamation 10998 on “Restricting and Limiting the Entry of Foreign Nationals to Protect the Security of the United States,” the Department of State is partially suspending visa issuance to nationals of 19 countries – Angola, Antigua and Barbuda, Benin, Burundi, Cote D’Ivoire, Cuba, Dominica, Gabon, The Gambia, Malawi, Mauritania, Nigeria, Senegal, Tanzania, Togo, Tonga, Venezuela, Zambia, and Zimbabwe – for nonimmigrant B-1/B-2 visitor visas and F, M, J student and exchange visitor visas, and all immigrant visas with limited exceptions.”
US officials clarified that the policy does not apply to all travellers. Exemptions include immigrant visas for ethnic and religious minorities facing persecution in Iran, dual nationals applying with passports from countries not affected by the suspension, and Special Immigrant Visas for eligible US government employees.
Other exempted categories include lawful permanent residents of the United States and participants in certain major international sporting events.
The US government emphasised that the proclamation applies only to foreign nationals who are outside the United States on the effective date and who do not hold a valid US visa as of January 1, 2026.
“Foreign nationals, even those outside the United States, who hold valid visas as of the effective date are not subject to Presidential Proclamation 10998. No visas issued before January 1, 2026, at 12:01 a.m. EST, have been or will be revoked pursuant to the Proclamation,” the statement added.
Visa applicants from affected countries may continue to submit applications and attend interviews. However, the US Mission noted that such applicants “may be ineligible for visa issuance or admission to the US” under the new rules.
The announcement comes amid a series of recent US policy decisions that have raised concerns among Nigerians seeking to travel, study or migrate to the country.
In October, the United States added Nigeria back to its list of countries accused of violating religious freedom, citing persistent insecurity and attacks on Christian communities. This was followed by Nigeria’s inclusion on a revised US travel ban list that imposed partial entry restrictions on Nigerians.
The US has also tightened immigration and visa policies affecting Nigerians. Earlier this year, the validity of most non-immigrant visas issued to Nigerians was reduced to single-entry visas with a three-month duration.
The pre-action notice was signed by Emmanuel Okpara, Esq., Litigation and Compliance Director, and Mus’ab Awwal Mu’az, Esq., secretary of the Association’s Steering Committee.
The dispute stemmed from a consent judgment delivered on November 3, 2025, by Justice J.K. Omotosho of the Federal High Court, Abuja, in Suit No: FHC/ABJ/CC/355/2025 between Meta Platforms, Inc. and the NDPC.
Following investigations conducted under the Nigeria Data Protection Act (NDPA), 2023, the NDPC had issued a Final Order against Meta Platforms, Inc., finding “widespread violations of the data protection and privacy rights of approximately 61 million Nigerians,” and imposing a remedial fine of USD 32,800,000.
The pre-action notice was signed by Emmanuel Okpara, Esq., Litigation and Compliance Director, and Mus’ab Awwal Mu’az, Esq., Secretary of the Association’s Steering Committee.
The dispute stemmed from a consent judgment delivered on November 3, 2025, by Justice J.K. Omotosho of the Federal High Court, Abuja, in Suit No: FHC/ABJ/CC/355/2025 between Meta Platforms, Inc. and the NDPC.
Following investigations conducted under the Nigeria Data Protection Act (NDPA), 2023, the NDPC had issued a Final Order against Meta Platforms, Inc., finding “widespread violations of the data protection and privacy rights of approximately 61 million Nigerians,” and imposing a remedial fine of USD 32,800,000.
The NDPC investigation stemmed from a petition filed at the commission on August 14, 2023, against Meta Platforms Inc. by the convener of Personal Data Protection Awareness Initiative, Ozoemena Nwogbo, regarding violation of the Nigeria Data Protection Act.
After its investigation, NDPC found Meta Platforms Inc. wanting and, on February 18, 2025, issued nine Final Orders against Meta Platforms Inc.
NDPC’s Order
The NDPC’s order nine reads, “Meta shall pay the naira equivalent of 32,800,000 USD (Thirty-two million, eight-hundred thousand United States Dollars) as a remedial fee. The naira equivalent shall be at the rate determined by the Central Bank of Nigeria.
“The details of the account for payment of the remedial fee are as follows: Account Name: Nigeria Data Protection Commission Fund Account. Account Number: 0020331265048 (300131267). Use RTGS for payment.”
The NDPC added, “Note that Meta has a right to seek a judicial review of this decision. The Commission will closely monitor Meta’s remediation process and its impact on data subjects for upwards of six months.”
However, the Final Order was subsequently set aside through Terms of Settlement, which were adopted by the court as a consent judgment on November 3, 2025, following a suit marked FHC/ABJ/CS/355/2025, filed by Meta Platforms Inc. against the NDPC.
Part of the Terms of Settlement entered between NDPC and Meta Platforms Inc. reads, “The applicant (Meta Platforms Inc.) and the respondent (NDPC) have come to a mutual settlement agreement that resolves the dispute underlying the applicant’s originating Summons.
“Pursuant to this agreement: (I) the applicant has agreed to provide specific remedial consideration to the respondent in support of protecting the rights of data subjects in Nigeria; and (II) the respondent has inter alia agreed to set aside and waive any rights to enforce or take steps to enforce the Final Orders against the applicant.”
The settlement terms specifically read, “In the light of the foregoing: The applicant wholly and completely terminates, abandons, withdraws, and discontinues the Originating Summons as well as any and all claims against the respondent connected to or arising from the matters or the subject matter thereof, except as the parties have otherwise agreed.
“The respondent: (I) sets aside the Final Orders against Meta; and (II) save and except as the parties have otherwise agreed, fully and firmly releases and discharges Meta from any and all claims, demands, actions, causes of action, contracts, obligations, suits, debts, costs, liabilities, which the respondent ever had, may now have, or May hereafter claim to have against Meta in respect of the matters.”
Association Alleges Illegality In Settlement
But the Data Privacy Lawyers Association contended that the consent judgment was entered into unlawfully, arguing that it was done without lawful statutory authority, in violation of the Nigeria Data Protection Act, 2023, and in derogation of the constitutional right to privacy guaranteed under Section 37 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended).
The Association further said the action was taken “to the grave prejudice of millions of affected Nigerians and the public interest, as well as the Federal Government of Nigeria.”
In the notice, the Association warned that unless the issues raised are urgently addressed within the statutory notice period, it would approach the Federal High Court to seek multiple reliefs.
These include an order setting aside, vacating, and nullifying the consent judgment on grounds of fraud, collusion, material non-disclosure, lack of statutory authority, and violation of the NDPA, 2023.
It is also seeking a declaration that the consent judgment is “null, void, unconstitutional, and of no legal effect,” as well as a declaration that the NDPC lacks statutory authority to waive, compro
Other reliefs sought include an order restoring and reviving the Final Order against Meta Platforms, including the $32.8 million fine, and an order restraining any further reliance on or enforcement of the consent judgment.
The Association also asked the court for other orders the Court may deem fit in the interest of justice, public accountability, and the protection of constitutional rights.
In the interest of transparency and accountability, the Association urged the NDPC to provide a written explanation of the legal basis for entering into the Terms of Settlement, clarify the statutory authority relied upon to waive the remedial fine and set aside the Final Order, and take steps to remedy the issues raised.
The letter, the Association said, constitutes the requisite pre-action notice under applicable law.
It warned that unless the concerns are satisfactorily addressed within 30 days of receipt of the notice, it will proceed to institute legal proceedings without further recourse.
mise, or extinguish liabilities, sanctions, or remedial fines arising from established violations of the Act.
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