Leading fintech company based in London, TradeNAIRA has announced its official launch (23rd December 2018) to provide affordable and reliable money exchange services over key African currencies including the Nigerian Naira and Ghanaian Cedi.
TradeNAIRA founder and CEO Martin Nwike said the launch was expected to revolutionise the way people look at money exchange by offering a frictionless digital platform that allows users to trade currencies with each other in a peer to peer fashion.
The initial target for the company is to bring down naira exchange rates, which have typically been at the mercy of black-market traders and unscrupulous banks.
The platform already allows for the following currencies to be traded freely and easily:
- dollar to naira
- pounds to naira
- cedi to naira
- bitcoin to naira
- dollar to cedi
- pounds to cedi
- bitcoin to cedi
With many more currencies expected over 2019.
As well as being an effective way to send money to Nigeria and Ghana, it acts as a digital wallet to allow users to send money to each other and pay for goods and services online in a safe and secure way by acting as a trusted intermediary between merchants and customers. Mr. Nwike said.
“One of the key ingredients needed for a prosperous and affluent African economy is Trust.
We’ve effectively created a platform where users can build trust within the community and therefore grow their businesses and operations as well as their reputations online.
Customers are protected by “buyer guarantee” offered by TradeNAIRA and sellers are able to get paid for their goods and services without worry of default or fraud.”
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TradeNAIRA is expected to launch various other services over the coming year to create a more open trading and business environment for Nigerian and Ghanaian businesses with an emphasis on growing and developing trade and trust. These services include an online escrow service, a project funding platform and an online news service.