Nigerian fintech company Divest has launched a new service called Money Xchange that aims to make it easier for people and businesses to send money across African borders. The product is built into the existing Divest mobile app and allows users to transfer money directly between Nigeria, Kenya, Ghana and South Africa.
The launch is an important step for the company as it continues to build financial tools that combine traditional currencies with digital assets. By connecting these systems in one place, Divest is trying to solve one of the biggest problems many Africans face when sending or receiving money across borders.
Across Africa, cross-border payments remain slow and expensive. The continent processes more than $100 billion in remittances each year, but the cost of sending money is still among the highest in the world. In many cases, transfer fees go beyond eight percent. Users also face other challenges such as unclear exchange rates, hidden charges and delays in receiving funds.
For individuals, families and small businesses that rely on international transfers, these problems can make everyday financial transactions complicated and costly. Money Xchange has been introduced to reduce these barriers and provide a simpler and more transparent way to move money across African markets.
Tackling the challenges of cross-border payments
One of the main features of Money Xchange is transparency. The platform allows users to see exchange rates before they confirm a transaction. The amount displayed on the screen is the exact amount that the recipient receives, with no hidden fees added during settlement.
The service also includes a rate-locking feature that protects users from sudden currency changes during the transfer process. This means users can confirm a transaction knowing the rate will remain the same until the transfer is completed.
Instead of creating a separate remittance platform, Divest decided to build Money Xchange directly into its existing app. This allows users who already use the platform for crypto-to-cash conversion to also send traditional currency transfers from the same interface.
The company believes this approach will create a more efficient financial system for users who already move between digital assets and fiat currencies in their daily transactions. By placing both services in one platform, Divest is trying to reduce the need for people to move between different financial apps to complete a single payment.
Supporting everyday financial needs across Africa
Money Xchange is designed for different types of users who depend on reliable cross-border payments. These include members of the diaspora sending money home, freelancers working with international clients and traders who need to pay suppliers in other countries.
For example, a parent in Nigeria can use the app to pay university tuition fees for a child studying in Kenya within minutes. The payment can be completed directly inside the platform without the need to go through multiple financial services.
The platform also supports professionals who earn income in digital assets. A designer in Lagos who receives payment in stablecoins can convert those funds and transfer them to another African country without leaving the Divest app. This reduces the time and complexity involved in managing international payments.
According to Divest CEO Kelechi Idoko, many financial systems have not been built with the end user in mind. He said the company developed Money Xchange after seeing strong demand from customers who wanted one reliable platform that could support both crypto and traditional currency transfers.
The service is currently available to users in Nigeria through both iOS and Android devices. As part of its expansion strategy, Divest plans to open additional transfer corridors in the near future. Canada and the United Kingdom are expected to be the next markets, allowing people in those countries to send money directly to Nigeria through the platform.
This planned expansion could strengthen connections between African markets and the diaspora, which remains one of the continent’s largest sources of financial inflows.
