Sending money home or abroad can be a very tedious and troublesome process, especially if you’re doing it between two countries that have many restrictions between themselves. Western Union and others, too, have not made it particularly affordable. Others are just plain ineffective or extraordinarily slow. Time and fees are the major problems.
Then there’s Afriex. Afriex is an international crypto-powered money transfer solutions provider that provides instant, zero-charge transfer service to Africans at home and in the diaspora. The company was founded in 2019 by Tope Alabi and John Obirije.
This article will look at how to sign up, send money to Nigeria, Ghana, Kenya, the US, and Canada for free using Afriex, and other frequently asked questions.
How does Afriex work?
Afriex is a crypto-empowered remittance platform that has risen to the challenge of fixing difficulties associated with off-shore transfers by reducing the time and fees the traditional banking and remittance system offered.
Afriex basically takes a deposit in fiat currency, coverts the money to a stablecoin e.g USDT. Sell the USDT in the local currency of the beneficiary for better rates, and then credits the beneficiary’s bank account. Currently, Afriex is only operational in only 5 countries namely Nigeria, Ghana, Kenya, United States, and Canada. Clever, isn’t it?
Just like CashApp and Bitsika, Afriex assigns usernames to its users. You can also have your balances in 5 different currencies – Nigerian Naira, United States Dollar, Ghana Cedis, Kenya Shillings, and British Pounds.
Because a margin is earned while converting the stablecoin to beneficiary local currency, the transaction itself is done for free.
How to register/sign up on Afriex
The registration process is probably the simplest I’ve ever come across. You can even sign up using your Gmail login so that you can start transferring your funds almost immediately.
You can also go the normal route by doing the below:
- Download Afriex on Android or your iOS
- Launch the app
- Choose Create New Account
- Create a Username and Password
- Enter your phone number
- An OTP will be sent to your phone, respond with the OTP to proceed
This ease does not affect the security of the app as Afriex is PCI compliant. They have multi-stage verification for all users. Your login, password, and other transactional data ae are not available for third-party view.
How to Send Money on Afriex
You have several sending options on Afriex, you only have to pick the one which best suits the transaction you really want to do. So, whether you want to send money from the US/Canada to Nigeria, Kenya, Ghana, any other country, or even vice-versa, Afriex can do it for you. Here are the options available to you:
Send to Bank Account
You can send money directly to your beneficiary’s local bank account in the supported countries. This is called a direct bank deposit. This usually hits the beneficiary account in minutes.
Here is a step-by-step guide on how to send a direct bank deposit through Afriex. Your beneficiary does not need to have an Afriex account:
- Select Transfer
- Choose the source balance to be debited
- Enter the amount
- Choose Send to Bank
- Enter beneficiary’s bank name
- Enter beneficiary’s bank account
- Click Continue
- Review the details of the transfer and Proceed
Send to User
You can also send Afriex to other users on Afriex in Nigeria or any other country. This process is also extremely simple.
Here is what you have to do to send money to another Afriex user:
- Select Transfer
- Choose Send to Users
- Enter the amount
- Search by username (you can also pick from your contacts list)
- Select the correct beneficiary/enter your beneficiary’s username manually e.g $qbenqa
- Click continue
- Click Transfer
FAQs About Afriex
How and where do I download Afriex App
You can download the app using these links below:
How much does Afriex charge for Transfers?
$0. Afriex does not charge any fee to transfer your money from one country to another
What is the maximum amount I can transfer?
What is the minimum amount I can transfer on Afriex?
Is Afriex secure?
Afriex takes the security of your personal information seriously. All personal data are encrypted for full security. They are also PCI DSS Compliant.
Does Afriex sell Bitcoin?
Yes, although not in all countries.
In which countries is Afriex supported?
Nigeria, Ghana, Kenya, Canada, and the USA
How do I contact Afriex team incase I have a challenge?
You can shoot a mail to the Afriex team on: [email protected]