GrabrFi, a US-based fintech startup, has launched in Nigeria. The company is one of the few fintechs that allows Nigerians open a personal US checking account and international US debit card. Freelancers and digital nomads can get paid in US dollars without currency conversion and easily use their money in the US, Nigeria and abroad.
One of the more positive legacies of the COVID-19 pandemic is the shift in work culture. Since then, companies globally have integrated more out-of-office workers. According to a report by the freelancing platform Upwork, 78% of businesses in the US are hiring freelance and remote workers. Online gig work currently accounts for 12% of the global workforce.
This has been a positive development particularly for Nigerians as the number of freelance workers grows yearly. There are an estimated 17.5 million online freelancers in Nigeria, Kenya, and South Africa, with the majority from Nigeria. Platforms like Upwork and Fiverr give Nigerian freelancers the opportunity to trade in-demand services for money. However, despite this boom, receiving payment for freelance gigs is a major challenge.
Accessing global financial services has always been fraught with challenges for Nigerians. Cross-border banking comes with high fees that eat into freelancers’ pay. Currency fluctuations make dollar payments lose their value when converted to the Naira and a volatile inflation rate makes it risky to save funds in Naira. With these problems, withdrawing earnings from freelance platforms like Upwork or receiving payment from international clients and employers becomes a difficult task.
To solve this problem, GrabrFi was created to offer secure, low-cost, and convenient solutions for saving, spending, and receiving cross-border payments in US dollars. As a stable and safe currency, getting paid and saving in US dollars can protect against inflation and the devaluation of the naira. Making purchases worldwide becomes easy with GrabrFi’s international US debit card.
GrabrFi works with a US bank, Regent Bank, Member of the Federal Deposit Insurance Corporation (FDIC), that regularly reviews their product, content and processes to make sure they are compliant with US laws. Its parent company Grabr has been in business for over nine years and is backed by top Silicon Valley and European investors so customers can access the US banking system with peace of mind.
How GrabrFi works
Users can open a U.S. personal checking account on GrabrFi from the comfort of their homes with just an international passport or a national ID.
With a GrabrFi account, you can receive payment from anywhere in USD. Users can spend these dollars easily through an international Mastercard debit card and save their money in an account under US financial systems and regulations. GrabrFi users can withdraw in naira from their accounts with Send by Flutterwave, TapTap Send, TransferGo, and more at fair exchange rates. Nigerians using the platform can also easily withdraw their earnings from platforms like Upwork, Fiverr, and more to their US accounts at fair rates.
GrabrFi also makes international shopping easier. Users can order products from the US and anywhere in the world on Grabr, the global shopping platform.
By leveraging GrabrFi’s services, freelancers and remote workers in Nigeria can enjoy the benefits of earning and saving in USD without the problems of currency exchange and the loss of value that comes with it. Having a place secure from naira fluctuations and inflation allows remote workers/freelancers to build wealth and be open to a wider range of international opportunities.
In the future, GrabrFi plans to introduce features like premium accounts, rewards and bonuses, investment opportunities, and financial planning tools to further empower freelancers in managing their wealth globally.
Download the GrabrFi app available for Android and IOS to open your own US checking account and start receiving payments easily.
