In 2019, Nigeria became the fourth-leading source country of new immigrants to Canada, only behind India, China, and the Philippines. A total of 12,600 Nigerians gained permanent residence last year, which represents a tripling of Nigerian immigration to Canada since 2015.
This is clearly an indication that a significant number of Nigerians now live in Canada, which means there is a natural need to send money home from time to time. Unfortunately, international wire transfers and traditional money transfer operators charge high fees (Some exchanges require their users to pay a transfer fee of as much as 7% for a 200 US dollar transaction and funds often take days before they arrive at the recipients. As a result, more and more Diaspora Nigerians are switching to online remittance platforms instead, owing to the low fees and processing speed.
Thanks to Africhange, Nigerian immigrants in Canada now have a simple platform to transfer money back home. Africhange is a remittance company that leverages blockchain technology and cryptocurrency to provide users a seamless way to send money to Nigeria from Canada at low cost compared to traditional remittance methods and faster speed. In simple terms: You send CAD, Africhange handles the bitcoin exchange and your recipient receives NGN in their bank account, and this process happens within minutes. Because the platform leverages crypto, there is a guarantee that your money will always be converted at the best exchange rate possible so that you never lose value. What’s more is that your funds are always secure, and will get to your family and friends in Nigeria at the fastest possible time. Africhange is the solution to your need for easy, affordable, and stress-less money transfer to Nigeria.
Africhange is a solution to the existing gaps that exist in international remittance. Unlike other remittance platforms, Africhange employs the use of cryptocurrency to help boost the process of international money transfer. The platform does this by converting money sent into bitcoin and then, from bitcoin back into local currency, so that funds can be delivered into the recipient’s account in another country.
There are a plethora of reasons why everyone should use the Africhange platform as the go to platform for sending money to friends and family in Nigeria:
1. Ease of registration and use
The process of getting started and making use of Africhange is stress-free and straightforward. Once you register, you automatically get instructions on the platform to guide you on what to do next and how to navigate successfully. To get started and join the Africhange chain, simply follow these steps:
- Download the Africhange app from Google Play Store or simply visit the website.
- Once you have installed the app or accessed the website, you input your details, including full name, email address, and create a password.
- Confirm your registration by clicking on the link that must have been sent to your email.
- After that, you begin the KYC process by submitting a government-issued identification document. This helps to prevent fraud and comply with the KYC and AML regulation in Nigeria
- Once you have submitted an ID, you proceed to complete facial verification.
- After completing this process, you can start making transactions on Africhange.
The onboarding is not only quick and easy, the process of sending money is equally as swift. To send money, all the user needs do is:
- Initiate and confirm your transaction by inputting how much you want to send and see the exchange rate.
- Input the details of the recipient’s bank account and their email address as well as your own name and email address.
- Once the transaction summary is generated, make sure to double-check and confirm the details are correct.
- On the next page, the Africhange Interac E-transfer payment details are displayed. Note down the email and the secret question displayed as they are necessary details needed to complete the transaction.
- Finally, complete the transaction on the web and send the money to email@example.com using Interac E-transfer on your Canadian bank app.
2. Speed: Money Transfers Arrive Minutes
Another notable advantage of using Africhange is the speed of execution you get to enjoy as a user. The platform makes this happen by using the Bitcoin network. The traditional way to transfer money is currently expensive and slow, especially for cross-border payments. Bitcoin is able to speed up the settlement time while reducing the cost. Once you send your money in Canadian dollars, the platform converts it into bitcoin and within minutes, it is converted from bitcoin into naira and deposited safely into the recipient’s Nigerian bank account. That way, Africhange helps you save time and money. You can send up to CAD9,500 daily and CAD30,000 monthly.
Although the remittance platform leverages the use of blockchain, the users don’t need to own any bitcoin or any other cryptocurrency to access the platform and enjoy its benefits. Also, the platform supports all banks in Nigeria, ensuring ease and comfort in the remittance procedure.
Some of the key benefits of using Bitcoin for a cross-border transfer include:
- Cheap and instant settlements.
- Better clarity for audit trails, which means transactions can be traced.
- The transparency of the Bitcoin blockchain creates greater accountability, in that all transactions are visible to everyone and can’t be faked.
3. Safety & Security
Africhange is a secure platform that is licensed to operate by the Canadian government. Also, it is regulated and audited by FINTRAC, bearing the registration number M19773759. FINTRAC is a Canadian financial unit that fights money laundering, helps to keep the safety of Canadians and also ensures digital platforms have the right security process to secure their platform. Africhange’s KYC process also ensures the platform is protected against fraudulent people. This helps to ensure that only upright users are granted access to making transactions on the platform.
To ensure security and safety, Africhange has put several measures into place:
An identity verification process is used to verify users and protect the platform from fraudulent people. This measure is put in place to help financial institutions curb the rate of fraudulent practices by identifying suspicious individuals. That way, people are less likely to become victims of dubious individuals.
On Africhange, the KYC process is simple and secure. The process works as follows.
- You sign up on the Africhange platform by installing the app or via the Africhange website.
- Then, you input your basic details to sign up, including full name, email address, and a password.
- Next, you verify your email through a link that would be sent to your email.
- Then, you complete your registration by carrying out KYC. You need a government-issued document for this.
- Select the country and you will see options of documents based on your selected country. You can either submit your international passport, drivers license, or National ID.
- Part of the KYC process also requests that you conduct face verification. This process ensures that all the people coming on the platform are adequately vetted and comply with the Canadian regulatory requirements.
4. Competitive & Transparent Exchange Rates: Receive Great CAD to Naira Rates
One other attractive benefit is the exchange rate offered on Africhange. As a user, you do not have to bother about calculating the naira equivalent of any amount you are sending. The platform does that for you. The exchange rate and receivable amount are displayed on the Africhange dashboard before you perform a transfer. Africhange uses bitcoin as a payment rail in the back-end of all transactions, which makes it possible to offer better exchange rates than other digital money transfer platforms.
5. Transfers at your fingertips: The Africhange Mobile App Allows You to Send Money to Nigeria from Anywhere
You can use the app wherever you are to send money to Nigeria. With the app, you can send money within minutes and with the best exchange rate to your friends and family in Nigeria.
6. Zero Commissions: Africhange Does Not Charge A Money Transfer Fee
With Africhange, what you see is what you get. There are no hidden charges. Any transfer you make on the platform incurs zero transaction fees. This is a great advantage, especially considering the speed of sending money using Africhange. Other platforms typically charge a fee, and settlement times can be up to one week. With Africhange, you enjoy zero commission, money settlement within minutes, and transparency with exchange rates.
7. By Nigerians for Nigerians: Africhange Knows What Our Customers Need
Africhange is an online remittance platform that was created specifically to solve cross-border problems for Nigerians. The Nigerian team behind Africhange understands the issues many people face when sending money to Nigeria. Whether you are a Nigerian in Canada who wants to send money to his relatives back home or you are a Nigerian in Nigeria who needs to receive money from a relative in Canada, Africhange was built to make that happen in the easiest way possible.
To send money securely from Canada to Nigeria, sign up to Africhange today! Sign up, get verified and start sending money in 10 minutes.