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Kayode Jegede shared this idea 6 months ago

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Currency Barter

a startup idea shared by Kayode Jegede on 07/31/2019

I have been into foreign exchange business and I know the challenges especially as a foreign national in North America trying to send money to Africa or from Africa. This also applies to Asia and the likes. Problem: Many people in developing countries have poor financial transaction infrastructure internationally. Foreign exchange is a big issue. Bank charges are much and this was disrupted by companies like PayPal etc. However, there are a number of countries in continents like Africa that are still disenfranchized from PayPal and many payment platforms. This makes foreign exchange a big challenge. There is always a big loss in terms of fees. Solution: Create a website that people can post their currency needs and match with someone who has. The idea is just like Swapsy but there will be some other twists to it like escrow services, doing business with our partners, supporting local businesses etc. Advantages: Our fees are infinitesimal. The users set their exchange rates themselves. Money does not leave any of the countries. There are few players in this space but it needs to be disrupted strategically and voraciously. Can you join me?

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Currency exchange


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