Korapay – a Canadian-based and Techstars backed company has launched its cross-border payment platform which currently facilitates online money transfer from the United States to Nigeria – 6x cheaper and way faster than other platforms.
According to the World Bank, Nigeria is ranked the largest remittance recipient in Sub-Saharan Africa and the sixth largest amongst lower-middle-income countries (globally); but even with the large inflow of money into the country, sending money online to Nigeria can be very daunting considering the expensive fees charged by large electronic money issuers like Western Union, Moneygram, and Ria. Thus, the need for an easy-to-use, cheap and fast money transfer platform like Korapay.
Korapay is expected to reduce the high cost of transferring money from abroad into Nigeria by introducing a super-fast, secure and lower-cost payment platform.
In an interview with Dickson Nsofor, Founder & CEO of Korapay Technologies, he said “We believe that Africa is the new frontier of financial opportunity. Our mission is to serve all of Africa via one single API. Through doing this, we aim to create a seamless connection between Africa and the global financial system. Our initial focus is remittances (international money transfer) into Nigeria. Our regulation of remittance flow is key in assuring families and friends of Nigerian migrants receive the money sent to them with ease.”
Korapay is currently open to 12 states in the United States (Texas, Nevada, California, Pennsylvania, New York, Michigan, Georgia, Illinois, Florida, Connecticut, New Jersey & Massachusetts) and has a record transaction delivery time of about 60 minutes. Anyone in any of these states can send money directly to the naira bank account of their folk in Nigeria, at cheaper rates and faster transaction speed.
Others states in the US, Canada, the United Kingdom, and Europe will be opened in the coming weeks. Therefore, regardless of where you are right now, you can sign up here to start sending money or register to get early access when your location is live.
Techpoint Build 2020 is holding virtually in August 2020. You can register now to attend for free.
Subscribe to the Techpoint Africa weekly newsletter here.
Nigerian startups raised $55.4m in Q1 2020; over 99% of which came from foreign sources. Find out more when you download the full report.