@tymolls wrote:
I'm new to this... so forgive me in advance if this sounds unusual.
I had this idea immediately I heard about CBN floating the Naira, and I'll explain it below. If something like this exists already, feel free to point it out.
The standard way we've traditionally changed Forex into USD, GBP or EUR is either by going through the bank (if you're looking for a cheap way to buy - legitimately) or finding your friendliest BDC operator, if you're looking to sell.
Visa Or Mastercard owners are usually at the mercy of their banks for exchange rate when travelling abroad, and as we've found during the Forex cap crises, this is not always in your best interest.
Now that CBN has floated the currency, there's a new opportunity. A Forex marketplace that offers the best spreads.
For people looking to convert forex to Naira.
- You offer a rate better than Nigerian banks.
- You can receive deposits in foreign accounts, foreign debit / credit cards or into Nigerian domiciliary accounts.
- You deposit the Naira into a local Nigerian account
For people looking to buy Forex.
- You provide less bureaucracy compared to banks.
- You can receive deposits from debit cards or bank transfers.
- You deposit the funds into Domiciliary, International or Prepaid MasterCard accounts.
As a user looking to buy goods abroad, all I need to do is get a good exchange rate from your service, transfer the funds to you, and you send it to my supplier.
Presently I need to buy it from a BDC operator (or from the bank), deposit into a dorm account, and have the bank transfer (for a fee).
As a Nigerian travelling abroad, I can get a better rate from your service, and use your prepaid Mastercard when travelling abroad (so no funny surprises when I receive alert while shopping at Primark or Macys).
As a Nigerian in diaspora, I only need to use my foreign debit card to make a transaction on your app / website... and the funds will be deposited into my Nigerian account, or sent to someone's account.
I believe this will help transform how Nigerians work with Forex, and the CBN announcement presents a unique opportunity.
Who's interested?
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