Flux App Review: Crypto-Based and Fiat Money Transfer to Nigeria

Flux is a crypto-based remittane app that allows individuals and businesses to send and receive money from anywhere in the world using bitcoin, ethereum, and USDT instantly into Nigeria. Ghana, Kenya, South Africa and Egypt will soon be supported. Flux was founded in September 2019 by Nigeria software company, Blueloop. It has received funding from investors such as several investors, which include Mozilla, Hustle Fund, and Pioneer.

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.

Through Flux users can pay for basic everyday needs from local and international merchants. Users can also make payments on Flux without internet or in areas with very bad internet connection through our end-to-end encrypted SMS technology.

The Central Bank of Nigeria (CBN) has ordered banks and other financial institutions to stop facilitating transactions for cryptocurrency exchanges in Nigeria and close the accounts of any persons or entities found making any cryptocurrency transaction or operating a cryptocurrency exchange. The Nigerian Senate has summoned the Governor of Central Bank and Securities Exchange Commission for clarification.

How Flux Works

Flux is currently not available on the web, so the only way to use the service is to download the Flux app. You will be required to enter your basic personal information to start using the app. Additional information will be required if you want to send money beyond the set limit.

The remittance app comes with a wallet that allows you to convert cryptocurrencies to cash in real-time.
Flux users can request money using the List Feature on app. The List Feature allows you to create a budget list and send it to another user. The user may decide to help you by sending you money to cover for some or all items on your list.

How to Add Funds to Flux Account

To make any transaction, you first need to have funds in your Flux account, You can add fund in your account with your debit or credit card using “Fund Wallet” feature on the app. The amount you specify will be debited from your bank account and added to your Flux account.

How to Receive Flux Transfer

You can send money to Flux and non-Flux users. Once the money is received, they need to Initiate a bank transfer to be sent directly to their bank account using “Withdraw” feature on the app. Flux supports all major banks in Nigeria. Unfortunately, if your bank is not supported you will not be able to add your bank account on the app.

We have requested for a list of banks that are not supported. We will update this article once we hear from Flux.

To send money to a non-Flux user, you need to fill in the person’s phone number in place of a Flux ID, then a text message will be sent to the person to ask them to create a Flux account to claim the money. If your recipient doesn’t create an account to claim the funds within 7 days, the payment would automatically be refunded to you.

Once your recipient receives the message, they need to download the Flux app and follow the normal steps to sign up. It is important that they use the phone number that received the SMS notification of the payment. After signing up, they need to put in the 6 digit code that would be sent to that phone number to verify their identity. After confirmation the balance will show. They can then withdraw the funds to their bank account.

How Fast is Flux Transfer

Flux promises to be facilitating transfers almost instantly.

Sure, transfers can be made 24/7 356 days a year regardless of any weekend or holidays, except maybe the apocalypse. If you do not receive your transferred funds after 30 minutes contact us via the app.

Flux Fees

Flux charges N5 for each transfer made to a Flux user. To add a card and save it, the card has to be charged between N1 to N10 for verification purposes. There is also a 1.4% charge on every amount you fund into your Flux wallet using a card. Funding your Flux account through bank transfer is completely free.

Flux Transfer Limit

Once you sign up successfully, your limit is N5,000, but after Flux has confirmed your identity, your limit will be N1,000,000.

More Information

Countries you can use this service with:



Types of money transfer available