Foreign exchange has become big business. Banks are cashing in, currency retailers are on the increase on roadsides across Nigeria, as they call out to every passer by, whether they have money to convert or not.
Nairaswaps wants to change the traditional way we convert foreign currencies.
Foreign exchange with these banks and middle men attract fees, but with Nairaswaps, you simply connect directly with people who are also looking to convert foreign currencies.
Founded by Adebisi Sanusi, the platform is a peer-to-peer marketplace that democratises the art of exchanging foreign currencies by allowing users swap currencies with each other.
Nigerians search for counterparts who are willing to effect swap deals while people with foreign currencies also search for people with demand to swap at their own rates.
Describing the platform as the OLX for foreign currencies, the founder reveals, “Nairaswaps is not a bank, money remittances agency or Forex trading platform; it is only a marketplace. You have to look at the best deals users of the site are offering; if you see an offering you need, then you contact the user. Whether you need the Foreign currency physically or through Paypal transfer or any other means. Nairaswaps kicks against not meeting your swap-mate in person. After transactions, users can review swap-mates on the website as well”
How it works? Users post request on the platform, after which they get contacted by swap-mates within a short time.
For Sanusi, he is confident that his startup will disrupt the FOREX, as he claims there are currently no competitors.