Africhange: the simplest way to send money from Canada to Nigeria
Africhange: the simplest way to send money from Canada to Nigeria
Africhange is a blockchain-based money transfer platform that enables users to send money from Canada to Nigeria quickly and easily.
Although the remittance platform makes use of blockchain technology, users are not required to own bitcoin or any other cryptocurrency in order to access and use the platform.
Nigerian immigrants to Canada outnumber those from other countries. Since 2015, the number of Nigerians who have obtained a permanent resident permit has more than tripled. Nigerian culture requires its diaspora citizens to care for their family members back home. This highlights the critical need for a reliable money transfer platform to facilitate money transfers home.
Apart from the personal motivations for the need for a remittance platform such as Africhange, remittances provide a significant economic benefit to the recipient country. Additionally, the cost of sending cash overseas is not inexpensive. Certain exchanges charge users a transfer fee of up to 7% for a 200 US dollar transaction.
Thankfully, Nigerian immigrants in Canada now have an easy way to send money home. Africhange, a Nigerian fintech startup based in Canada that launched in December 2020, announced that it had acquired over 1,000 clients and processed over $1 million in transaction volume as of May 2021. This figure has since risen to more than $5 million in less than two months.
The process of sending money via Africhange is quite simple. Users can easily send money at any time by converting their Canadian Dollars (CAD) to Nigerian Naira. The platform is easily accessible via the Africhange website or the Africhange mobile application, which is compatible with both Android and iOS devices. Africhange offers some of the best exchange rates on the market, and users can instantly see the naira equivalent of the CAD amount they wish to send to the recipient. Additionally, the platform supports all banks in Nigeria, ensuring the remittance process is simple and comfortable.
Africhange has taken several measures to ensure security and safety. Here are a few examples:
1. Canadian Financial Regulatory Backing
Since 2019, Africhange has been monitored and audited by Canada's Financial Transactions and Reports Analysis Centre (FINTRAC) under the registration number M19773759.
FINTRAC is a Canadian financial institution dedicated to intelligently combating money laundering and facilitating Canadians' protection. This is critical to emphasize because unregistered businesses engaged in remittance activities of $100,000 or more face a penalty.
2. KYC (Know Your Customer) Verification:
A user identification verification process is used to authenticate users and safeguard the platform against fraudulent and malicious users. This measure is intended to assist financial institutions in reducing the frequency of fraudulent practices through the identification of suspicious individuals. Thus, users of the platform are much less likely to fall victim to malicious and dubious individuals.
3. Use of the Bitcoin Blockchain:
Africhange uses Bitcoin (BTC) to facilitate money transfers from Canada to Nigeria. When you send funds in CAD, they are first converted to BTC and then to the recipient's local currency. All of this occurs on the backend, and the user is never required to own any cryptocurrency.
Apart from the safeguards outlined above, Africhange has a policy in place to ensure that administrative, technical, and physical safeguards are in place to prevent unauthorised use of users' information on the platform. Additionally, it has a 24/7 support team that you can contact if you require assistance with your account.
