Sunday Okobi and Hamid Ayodeji
A new financial start up, TradeNAIRA, led by a British Nigerian, Martin Nwike, has been unveiled.
The management of TradeNAIRA, explained in a statement, that was signed by the London-based businessman, Nwike, that its major goal was to reduce the strain and stress of transferring money between Nigeria and the rest of the world.
According to Nwike, “Many Nigerian businesses and individuals find it hard to get access to traditional banking services all over the world, this stifles people from growing their businesses and taking advantage of the benefits of globalisation.
“Through TradeNAIRA, users can open a de facto bank account in the following currencies, United States dollar, British pounds, Euros, Bitcoin and much more.
“They can also perform currency exchange between all these currencies in real time.”
The statement added that prior to TradeNAIRA, businesses and individuals had to take extraordinary risks just to pay rents abroad, school fees, remit pensions to their country of retirement and many other necessary life transactions, stating further that many people must undertake these simple but painful transactions every day.
Currently, Nwike said the company serves over 45,000 users around the world, adding that “with this number expanding every single day. So far, TradeNAIRA has not raised any money from outside investors and is fully funded by its founder, Nwike.”
He added that “TradeNAIRA’s currency exchange is a market matching platform that works by matching the trade of customers that want to exchange opposing currencies; for example, one user wants to exchange naira to dollars and another user wants to exchange dollars to naira.
“Each user enters their own preferred exchange rate to sell and when a matching buyer is found at the rate chosen, the money is exchange automatically and each user receives their required currency.”
He said TradeNAIRA’s multi-currency wallet is a game changer for anyone working or living between countries.
“Opening a bank account abroad is impossible without having local credit history and a local proof of address. A borderless TradeNAIRA account can be opened within minutes.
“Users can send money to anyone in the world in any currency they want. They can easily send money to friends, customers, employees or companies anywhere in the world and spend the money in their wallets anywhere with ease,” Nwike added.