#Spend

Spend

Problem: N/A

Overview

FXKudi is solving the problem of informal cross-border money transfers in Africa by offering instant, reliable no-fee money transfers between African countries via a mobile app and distributed agent network. Sending money between African countries is expensive and slow. This has resulted in the rise of informal money transfer solutions, such as cash couriers, use of transport companies, and bureau de change agents. While informal channels are more affordable, users face substantial security risks, complex and lengthy transaction processes, and non-transparent exchange rates. Over 60% of money transfers between African countries are done using Informal channels - FXKudi is digitizing this.