By Sukanya Ganesh — Jul 31, 2023

🌍 Easy Money Transfer Between Africa and the US

Afriex - providing instant and zero-fee transfers from Africa and the US

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Afriex - fastest way to transfer and receive money across continents

Blockchain events - upcoming events in the blockchain/web3 world.

In Other News - a few interesting developments we're tracking.

Afriex - fastest way to transfer and receive money across continents

Sending money from the U.S. to Nigeria can be a painstaking process. For remittance platforms like Western Union, it will cost a transfer fee and take between one to five business days for money sent from a U.S. debit card to enter a Nigerian bank account. Crypto remittance platforms are rising to the challenge of fixing these cross-border payment issues by reducing time and fees. Afriex founded by Tope Alabi and John Obirije in 2019 provides instant, zero-fee transfers to Africans at home and in the diaspora. It allows users to deposit cash on the app, send money to a bank account or another user and withdraw money to a connected bank or debit card.

Like other crypto remittance platforms, Afriex has built its business on stablecoins — cryptocurrency backed by the dollar. In essence, the company buys cryptocurrency in one country and sells it in another to offer better exchange rates. This is in contrast to better-known platforms like Western Union and Wise that use traditional banking systems. Blockchain technology has opened up a world of inventions. With its decentralized system, access and control over tech are democratized. Blockchain technology is making ease and access to the future possible for any and everyone. Afriex is using blockchain technology’s decentralized system to democratize wealth creation and create access to resources for everyone equally.

Afriex has been growing fast since its inception. Initially operating in Nigeria and the US, they have since expanded to Ghana, Uganda, Kenya, UK, and Canada. With a partnership with Visa, Afriex now offers users credit and debit card transactions. Afriex has raised a total of $11.4M in funding.