Nigerian Startup, SafeSenda Launches App to Simplify Crypto-to-naira Exchange Processes
SafeSenda, a Nigerian startup, has launched an app that simplifies the management, exchange, conversion, spending, and settlement of cryptocurrency into naira bank accounts.
The SafeSenda app, which was launched earlier this year by Nkechi Iyke-Ukaegbu and Ikechukwu Ukaegbu, simplifies the process of managing and converting crypto assets through an easy-to-use interface.
Ukaegbu stated that the startup was inspired by the lack of a safe and simple process for crypto-to-naira exchange and settlement to Nigerian bank accounts.
“Because of Nigeria’s hostile regulatory environment, the majority of transactions in the burgeoning crypto trading and exchange market are conducted through P2P platforms.” “P2P is primarily for experienced hands, is time consuming, and can take anywhere from a few minutes to up to 72 hours to complete,” he explained, citing complicated processes and high risk factors.
SafeSenda, on the other hand, claims to simplify the process, allowing users to send cryptocurrency to their bank account in minutes. The startup’s MVP is working well on Android and iOS, and while SafeSenda is currently bootstrapped, it plans to raise equity funding to build its liquidity pool, increase marketing efforts, improve its product, and scale domestically and internationally.
