Hi Papa, thank you for the feedback. The way the exchange works is that we match users with USD looking for Naira with others that have Naira looking for USD. As exchange rates are agreed between both users, you can get the best value for your money. This process itself is not new as many people have been manually doing this for several years i.e you find a friend or family that will trade you USD/Naira at a rate you both agree on and then send funds to each others bank accounts or wherever the money needs to go. We’re just using technology to make it easier, faster and add a layer of trust in the process by ensuring the money does not exchange hands until we have verified the funds from both parties involved in a transaction.
Re: Friction, we believe if users can get the best value for their money and we can do that within 24 hours with a lower fee than other alternatives, then it’s worth it. As with any marketplace, the issue is always ensuring you have enough buyers/sellers and we have made some partnerships that will help us address that issue. However we continue to learn and are ready to make any necessary changes based on what we see that users need.
Yes, we do plan to expand to other countries but our focus for now is USA/Nigeria.
I agree on adding more information about the team on the website and we intend to do so. I think for now, we just wanted to put up a landing page with some information about what we have been working on and have people who are interested sign up to get early access for the application. As we get closer to a public launch, the website will be revamped and will have more in depth information.
Thanks for the website feedback as well. We added the infographic as additional support for the overall problem we are looking to solve which is reducing the cost of international money transfers in and out of Nigeria/Africa. We thought about removing it but some people have said they like it so we figured maybe we’ll just leave it for now. Once we do the website revamp, we won’t have it there anymore so it’s a temporary thing.
Hope I have been able to answer all your questions but please let me know if anything else. Thanks again for taking the time to check out the website and leave some feedback, much appreciated. Please sign up as well if this is something that can work for you!