Financial technology has become a mainstream industry in Nigeria in just a few years. A fintech study by Statista shows that digital payments and neobanking have doubled in 2023 from 2019. And experts project that the numbers will likely double again in another 4 years
While several money remittance services primarily support their customers with sending money internationally by delivering directly from sender to recipient, others have adopted the peer-to-peer system– as it is more convenient, faster, and less expensive.
In this article, you will learn about the best P2P currency exchange platforms for you in Nigeria.
What Are P2P Currency Exchange Platforms?
P2P currency exchange platforms are online platforms that allow people to securely send and receive money in different currencies quickly and easily. Some of these platforms work as marketplaces, allowing the users to interact to different degrees. Even more, these users can decide to swap currencies at exchange rates that suit them.
The Best P2P Currency Exchange Platforms
1. Kyshi Co
2. Kaoshi Network
1. Kyshi Co
Kyshi is a neobank that allows Nigerians to send money between Nigeria and the UK at their preferred rate with Swap in seconds. Kyshi works with a peer to peer marketplace within its mobile app. This marketplace allows users to interact by creating and accepting offers at their preferred rate.
How Does The Kyshi Marketplace Work?
Here’s how the Kyshi marketplace works. Once you create an account, you must activate a wallet on the app to be able to transact. After activating your wallet, you create an offer on the home screen at your own rate and send it to the marketplace for someone to accept.
Alternatively, you can click on “Offers” to accept an offer at your preferred rate and complete your transaction. Swap transactions on Kyshi typically take less than one minute to complete.
If you don’t find a suitable available offer on the Kyshi marketplace, you can be the first to grab a suitable offer as soon as it gets to the P2P marketplace using Offer Alerts.
Usually, your first Swap transaction on the Kyshi App is free, after which subsequent transactions cost only 1%.
2. Kaoshi Network
Kaoshi network is a P2P platform that allows Nigerians to send and receive money internationally with ease at suitable rates. Kaoshi network works with a web-based marketplace so that users can transact on its website.
How Does The Kaoshi Network Marketplace Work?
The first thing to do before transacting on the Kaoshi Network marketplace is to sign up on the website and complete KYC. On completing the sign up process, you can proceed to transact on the marketplace on the website.
The marketplace is segmented into different sections that allow you send money internationally by creating your offer or receive money internationally by claiming an existing offer.
The basic transaction fee on Kaoshi Network is 1 USD/GBP/CAD/EUR. However, there may be extra charges, depending on the remittance service used to complete the transaction. You can get more information about Kaoshi Network fees here.
Now Send Money With P2P Banking
Peer-to-peer banking is a more convenient and secure way to send money to loved ones and for business across borders. Although there are a few P2P platforms for international transactions in Nigeria, you can transact on any of the platforms above.
However, remember that sending money internationally with Kyshi happens in just seconds. Click here to get started on Kyshi.