The Central Bank of Nigeria has suspended international money transfers to mobile wallets in Nigeria. This is because of a new regulation that only allows US dollar payout for remittances in the country. The suspension will improve visibility of US dollar remittance flows.
To make instant global payments we use a new technology called Stablecoins. A Stablecoin is crypto currency backed by a national currency. Afriex uses USD Coin also know as (USDC) which is 100% backed by real dollars and is audited every month by a top-four US accounting firm.
The current USDC supply is over $4 Billion and each USDC is equivalent to 1 USD. We exchange USDC at many exchanges worldwide including Coinbase, Circle, Kraken, and more.
How Afriex Works
The signup process simple. It is faster to signup with Gmail login. After signing up successfully, select the currency of you choice send by pressing the the flag of the country you are sending money to in the top right corner of the Afriex app. Input the amount you want to transfer and press send
How to Pay for Afriex Money Transfer
You can fund your international money transfers using Afriex by a debit card or a bank account. At the moment, Afriex does not not accept credit, prepaid cards, or Paypal.
How Fast is Afriex Transfers?
Bitcoin transactions can take up to 20 minutes to arrive.
With Afriex, 90% of all Afriex transactions reflect in your account in under one minute. Whether it’s sending money to your wife for the children’s school fees, paying the builders for the construction of your new home, or giving money to your relative to enjoy the holidays, sending money to Africa from abroad should be quick and easy.
How to Receive Afriex Transfers
Your loved ones in the supported countries can receive the funds in their bank account. If they are Afriex users, you can send money to the Afriex wallet rather than a bank account.
Afriex Transfer Limits
With Afriex platform, you can send up to a maximum of $3000 per day. You cannot increase the set limit at the moment.
Afriex saves money for its customers because it does not charge any fees.
Conventional providers like banks and Western Union mark up your exchange rate, charge you expensive sending and receiving fees, or both. With Afriex App, you can expect none off that. You always get the lowest exchange rate, zero fees added, and instant transfers when you send money home to Africa.
You can send money from the United States and Canada to Kenya, Nigeria, and Ghana. In February 2021, the fintech raised $1.2 million in a seed round from venture capital funds such as Future Africa, Precursor Ventures, Ivernet Holdings, Uncommon Ventures, Y Combinator, A$AP Capital, SoftBank Opportunity Fund and Brightstone VC to expand payments and remittances across Africa.
Is Afriex Secure?
Afriex is a registered company. Moreover, it encrypts all personal data and it is PCI DSS Complainant, following The Payment Card Industry Data Security Standard.