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‎Forex theft: Greenov8 Global launches currency exchange platform

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currency exchangeTO guard against millions of dollars being lost in currency exchange transactions in the open market in Nigeria due to high proliferation of importers, a full-service Fintech Company, Greenov8 Global Platforms Limited, has announced the launch of an online currency exchange and settlement platform,

Built to serve buyers and sellers in Nigeria’s open forex market, is an innovative product that provides customers, online access to executable foreign exchange rates across a wide range of currency pairs, enabling players securely carry out their regular currency exchanges with increased efficiency, convenience and transparency.

Speaking during the launch on Monday, Managing Director and CEO, Greenov8 Global Limited, Mr 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.

“We are focusing on serving buyers and sellers in the Nigeria 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.

Kaara essentially provides a platform where players securely carry out their regular currency exchanges with increased convenience, safety and speed. With Kaara, you can finally curb the diversion of funds or other inefficiencies that are prevalent with currency exchange processes” Femi said Commenting on the uniqueness of the platform, Femi added, “Kaara 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.

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Each Kaara transactions is sufficiently secured using a Multi-factor authentication (MFA) were authorisation is only granted after the successful presentation of 2 or more pieces of evidence across two or more channels”

Explaining how the platform works Chief Technical Officer, Greenov8 Global Limited, Godson Nkeokelonye, disclosed “we simplified the engagement into three simple steps to create extra convenience for players,

“To benefit from the platform users should visit 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, then you can start selling, buying and closing discrete transactions in a secure and safe environment”

Speaking on the relevance of the platform to the currency exchange market, Business Development Manager, Wema Bank PLC, Frank Alarapo, described the Kaara platform as a timely intervention that will kick-start a genuine marketplace 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”

“Becoming a platform for settling exchange transactions within and outside Nigeria is what makes the platform more interesting and I am confident that users will find the services valuable” Alarapo added.

Kaara can be accessed with ease from multiple platforms (Windows, Android & IoS and devices (Web, Mobile and Tablets. Players automatically gain access to a marketplace with a pool of potential buyers and sellers and are instantly notified of activities and transactions statuses through multiple channels which includes InApp, SMS and E-mail notifications.

With several new user accounts added every month, is emerging as Nigeria’s fastest growing platform for online currency exchange and settlement.

The platform also presents a highly visual, simple and interactive user interface that helps players exchange currency with seamless convenience and transparency.

The post ‎Forex theft: Greenov8 Global launches currency exchange platform appeared first on Tribune.

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