Introducing 4Traderx, A Secure P2P Currency Exchange Platform For Africans
Nov. 8, 2022, 10:27 p.m.
A new peer-to-peer currency exchange platform is in town, and it will be a force to be reckoned with. Because in just 11 months of operation, the exchange platform transacted over $2.7M in transactions months with a $0 customer acquisition cost.
The P2P app, 4Traderx, allows Africans to easily exchange currencies and securely make payments. “We want to solve the problem of FX shortage for African SMEs, and funds transfer across borders are expensive via the SWIFT network and limitations on how much can be spent and acceptance of African-issued Visa or Mastercard by foreign companies. Similarly, African SMEs face hurdles in repatriating export proceeds, and cross-border African gig workers face challenges getting paid,” the founders say.
4Traderx, established in September 2021, boasts of P2P currency exchange and Payroll in USD and Naira features. The platform currently connects Nigerians with naira looking for dollars and Nigerians with dollars in the diaspora looking for naira and allows them to set their exchange rates.
“While most fintech apps offer either of these services, we are building a smart financial hub that combines banking, exchange, and an African-centric marketplace that gives users total control over their finances.”
“In September, we turned down an acquisition proposal by one of our big brothers (one of the Unicorns in Africa) to continue building 4Traderx. We believe in what we are building to solve the financial burdens most Africans experience globally,” 4Traderx told DT Africa.
Submit your news stories, articles or press releases to editor@digitaltimes.africa
Or
Since its operations in January, 4Traderx has garnered over 2000 active users and recorded over 4000 transactions. They have also raised $148,000 from loved ones and seek to raise proper funding from investors.
Major updates the founders would want users to expect; for Africans in the diaspora:
- Personal and business USD International Bank Account Number
- Africa-centric marketplace to buy groceries delivered to their family members in Africa.
- Send invoices to clients globally.
- Pay bills in Africa
For Africans in Africa:
- Currency exchange at their preferred rate
- Visa virtual card that is accepted internationally and can hold up to $10,000 monthly
- Send invoices to clients globally and get paid in USD or local currency
- Marketplace to sell goods and services to Africans in the diaspora and foreign clients
“Users should expect a platform that centralizes all their financial needs as an African at home or abroad. We will launch our new products on the first of December 2022.”
“Another update will be that our referral program will give users $5 when their referred user(s) exchange $500 to either naira or dollars, and 10% of the fee we charge them whenever they exchange for 365 days.”
The brains behind the innovative app, Michael Ajayi, is the founder and CEO. He has worked as a sales and product lead at International Gaming Technology Company, Toshiba, and Amazon. He previously founded Colevate, a crowdfunding platform where university students in Africa can source financial help from fellow Africans, and funds raised would be sent to their institution.
Henry Omezi is the COO and Co-founder. Before joining 4Traderx, He had worked at Zenith for over six years in various departments.
John Oseni is the CTO and Co-founder. He is one of the 100 child prodigies in the world today.
tag: Africa, Fintech, technology, Africans, Nigeria, Cryptocurrency, finance,
Verny Joy Author
Verny loves to write poetry, fiction and quotes. Her love for writing landed her in journalism. She loves gadgets and travelling to explore new places.