Cognisant of the challenges posed by manual transactions in Nigeria’s foreign exchange (forex)market, a full service Fintech company, Greenov8 Global Platforms Limited, has launched an online currency exchange and settlement medium, kaara.io, to enable investors sell, buy, and close out discrete deals in a secure and safe environment.
The new product provides customers online access to executable forex rates across a wide range of currency pairs, enabling players to securely carry out their transactions with efficiency, convenience, and transparency.
During the unveiling in Lagos, the company’s Managing Director/CEO, Femi Ekwuyasi, described the platform as “a timely innovation that is coming at a time when there is a huge need for a transparent and viable currency exchange market where stakeholders’ interests are well protected.”
He added: “We are focusing on serving buyers and sellers in the Nigerian open market for currency exchange. Our intent is to eliminate trust issues around foreign exchange activities by consummating and settling both FX and non-FX transactions on the Kaara platform using the secured and transparent Escrow platform.
“With Kaara, you can finally curb the diversion of funds or other inefficiencies that are prevalent with currency exchange processes. The platform is built around a Bank Denominated Multicurrency (BDM) wallet system, which allows users access to main multiple wallets in multiple banks and in multiple currencies. Each Kaara transaction is sufficiently secured using a Multi-factor authentication (MFA) authorisation is only granted after successful presentation of two or more pieces of evidence across two or more channels.”
On how the platform works, the Chief Technical Officer, Godson Nkeokelonye, said: “We simplified the engagement into three simple steps to create extra convenience for players, To benefit, users should visit www.kaara.io to register or download the kaara mobile application. After registration, verification of account is next, this is done by providing additional validation and authentication information, and then you can start selling, buying and closing discrete transactions in a secure and safe environment”
To the Business Development Manager, Wema Bank Plc, Frank Alarapo, who was also at the event, said the innovation would kick-start a genuine market place for all stakeholders in the FX money market.
“This is a timely innovation that will organise the open FX market currently ridden with huge risks and uncertainties. If transactions can be closed online and in almost real time, I am sure the market would warmly embrace this platform,” he stated.