US-based fintech payments company LumoXchange has introduced a currency exchange marketplace that will enable the users to compare exchange rates, review and send money on a single platform.
The company claimed that it is the first platform that enables the users to compare the exchange rates as well as send money.
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LumoXchange founder and CEO Maf Sonko said: “We bring true transparency to the $600 billion global remittance industry by democratising the process of sending money abroad.”
The company will provide the service through Local Exchange Networks (LENs), a system comprising domestic financial institutions in the respective countries where it offers its services.
These institutions will offer competitive exchange rates for all inbound payments as well as provide the option to directly transfer the money into the beneficiaries’ bank account, mobile wallet and even in cash.
Initially, the platform will be available for payments made to African nations of Gambia, Senegal, Mali, Ghana and Nigeria.
Later, the service will be extended to Philippines, one of the largest payment corridor from the US.
The company is expected to align will other companies and partners soon to extend the service to other countries.
