With the rise of emigration in Africa, cross-border payment options have never been more needed. Nigeria alone received $19.5 billion in diaspora inflow in 2023 which is the highest foreign remittance received in sub-Saharan Africa. From parents funding their children’s education overseas, expatriates supporting family and friends, remote workers working overseas but living locally, to the growing number of Nigerian businesses with global operations, the need for cross-border payment platforms continues to grow.
Despite this growing demand, accessing global financial options has always been full of challenges for Africans. Sub-Saharan Africa has the highest remittance cost with an average of 8.5% of the amount transferred compared to less than 6% in other regions. These remittance costs are high because of underdeveloped financial infrastructure in some countries. Other problems that plague cross-border remittance include high bank charges, the cost of money transfer operator percentages and stamp duties, slow processing times, limited international coverage, regulatory roadblocks, and sometimes the complex steps involved in making international payments. These challenges not only impede personal finances but also hinder the growth of African businesses by limiting their ability to participate in the global marketplace.
These problems are what Afriex has set out to solve with its global expansion and the launch of Global Accounts. This new feature provides USD, GBP, and EUR bank accounts to users to make multi-currency transactions.
Simplifying Cross-border payments
Founded in 2019 by Tope Alabi and John Obirije, Afriex was created to simplify cross-border transactions for Africans. Now backed by a team of financial experts and investors, including Y-combinator, the company has become a leader in the international payment space raising over $11m in funding and empowering individuals and businesses through innovative payment technology.
With the launch of Global Accounts, Afriex has made the process of managing multi-currency accounts easier and also simplified the process of sending, receiving, and storing funds internationally. According to Tope Alabi Afriex “At Afriex, our mission is to unlock new economic opportunities for Africans by providing affordable, accessible, and reliable financial services. With the launch of Global Accounts, we’re taking a significant step forward in simplifying cross-border money management and addressing a critical pain point for our users. Freelancers, remote workers, and anyone needing to receive USD directly can now receive, hold, transfer, and manage their funds seamlessly” he said of this launch.
Global Accounts are available to customers across Africa, North America, and Europe. The company has plans to expand the service to additional markets in the near future.
Why choose Afriex Global Accounts?
Afriex’s Global Accounts address the problems with cross-border payments head-on by offering features that streamline cross-border transactions. Here are some of its best features:
- Multi-currency holding: Users can receive, hold, and send funds in USD, GBP, and EUR, all within a single, user-friendly interface. This eliminates the need for multiple accounts and simplifies currency management.
- Seamless cross-border transfers: Afriex offers fast, low-cost transfers directly to bank accounts or mobile wallets around the world. This ensures a larger portion of your money reaches its destination.
- Real-time visibility: Afriex’s intuitive dashboard provides a clear picture of the user’s account balances, transaction history, and current exchange rates. This transparency empowers them to make informed financial decisions.
- Accessibility and convenience: Global Accounts are accessible through the Afriex mobile app. The app offers a user-friendly experience for managing finances on the go.
By removing the complexities and reducing costs associated with cross-border payments, Afriex Global Accounts is a major step towards financial inclusion and economic empowerment for Africans. With these accounts freelancers and remote workers can effortlessly receive international payments from clients around the world without incurring hidden fees or delays; business owners can streamline cross-border transactions, manage international payments with ease, and expand their global reach; and also Africans in the diaspora can send and receive funds to loved ones back home quickly and efficiently, with greater transparency and control over their finances.
Afriex’s commitment to innovation extends beyond Global Accounts. With their recent expansion to Europe, the company is actively building a bridge between Africa and the global financial landscape. The company’s vision is to continuously develop solutions that cater to the evolving needs of its users, democratise wealth creation for everyone, and empower its users to fully participate in the global economy.
Download the Afriex app here and start your journey to seamless international payments.
