In Nigeria, the struggle to access foreign currency at fair rates is an ongoing concern for many individuals and businesses alike. With international transactions, studying abroad, and e-commerce becoming increasingly essential in today’s globalised world, the need for an efficient and reliable currency exchange solution is more pressing than ever.
Chief Executive Officer of RataFX, Joseph Oladokun, in a statement from the company’s head office in Lagos, said, “We seek to revolutionise the way Nigerians interact with foreign currency and alleviate the frustrations they face daily.”
A vast number of Nigerians grapple with the limitations and restrictions of traditional financial services when it comes to exchanging currency. Importers and exporters, international students, freelancers, expats, and immigrants find themselves at the mercy of unfavorable exchange rates and high fees, impacting their businesses and personal finances. The bureaucracy and sluggishness of the existing financial systems further exacerbate the problem, leaving them feeling disempowered and frustrated.
Oladokun, a seasoned data engineer with experience working both locally and internationally, experienced these challenges firsthand. While working remotely for a Lithuanian company, he faced difficulties in receiving his salaries and exchanging them to Naira at desirable rates, ultimately losing money through exchange rate arbitrage. Oladokun realised the gravity of this issue and set out to create a solution that would benefit millions of Nigerians.
RataFX, founded in 2021, is a peer-to-peer currency exchange platform designed to empower individuals and businesses to exchange foreign currency at better rates. By democratising access to foreign currency, RataFX eliminates the need for intermediaries and high fees, providing a more efficient and user-friendly alternative to traditional financial services.
Through RataFX, Oladokun and his team were committed to helping Nigerians take control of their financial future, ensuring they can access fairer exchange rates and save money.
Despite facing regulatory challenges and the need to build trust with customers, RataFX has demonstrated remarkable progress.
The platform has forged partnerships with banking partners to ensure regulatory compliance and has implemented robust security measures to protect customer data and funds. Oladokun’s leadership has already seen RataFX process $350,000 in transaction volume during its three-month internal testing phase, showcasing the platform’s potential to transform the financial landscape of Nigeria.
As RataFX prepares for its highly anticipated public launch, the platform promises to alleviate the struggles Nigerians face in accessing foreign currency. By providing a more efficient and user-friendly solution, RataFX is set to break barriers and foster financial empowerment for the people of Nigeria,” the statement read.
He further emphasized the importance of trusting that every action taken serves as a necessary stitch in the fabric of one’s destiny, where users can exchange currencies on their own terms at their own rates With RataFX, he and his team are weaving a new tapestry for Nigeria’s financial future, addressing the silent struggle millions face daily in accessing foreign currency. Through RataFX, Oladokun aims to change the narrative, creating a more equitable financial system for all Nigerians.
