Over $20 billion in remittances flow into Nigeria annually, with $553 million just in July 2024, yet millions of Nigerians encounter challenges such as hidden fees, lengthy transaction times, and restrictive platforms.
Tackling this issue requires a consortium of innovators, and Cashwise Finance, a new fintech startup is determined to turn things around in the global remittance space.
If you’ve ever thought scaling through local and international financial transactions was like solving a riddle while blindfolded, Cashwise might just be the answer we’ve all been waiting for.
The official launch of Cashwise Finance brings with it a promise of simplicity, transparency, and cutting-edge solutions aiming to bridge the gap between local and global transactions.
The app, now available on the Google Play Store and Apple App Store, has rolled out a Minimum Viable Product (MVP) packed with features that bring convenience to international finance.
Including P2P transfers that take out transaction fees within its system, Virtual USD Cards enabling seamless global payments, the platform already sets a high standard.
But what inspired this move? Techeconomy sat down with Elsie Godwin, Co-founder and chief operating officer of Cashwise Finance, to delve deeper into the vision behind the innovation.
Connecting the Dots: The Inspiration Behind Cashwise
“At Cashwise Finance, we aim to create financial solutions that genuinely serve and connect people to their money, no matter where they are,” Elsie explained when asked about the platform’s genesis.
“The inspiration came from the lived experience of the founders as travellers and recognising the increasing interconnectedness of our global community and the persistent barriers faced in moving money across borders. By combining local and international financial services, we’re addressing a technical challenge and empowering individuals to thrive in a global economy. We envision transforming global remittances by making them faster, more transparent, and accessible—reducing costs and creating a seamless experience for our users.”
This customer-centric ethos is at the heart of Cashwise’s mission.
Overcoming Challenges: USD Cards and Zelle Integration
The unique features of Cashwise include its Virtual USD Card and Zelle functionality—tools that promise great convenience for users sending and receiving money across borders. However, bringing these features to life wasn’t without some obstacles.
“Integrating features like the Virtual USD Card and Zelle functionality required navigating technical and regulatory complexities. Ensuring compliance with financial regulations in multiple jurisdictions while maintaining a smooth user experience was vital. We also had to address varying infrastructure capabilities between regions,” Elsie shared.
The result? A solution that meets specific user needs by enabling secure and convenient international transactions through trusted platforms.
Building Trust Through Transparency
One of the most obvious pain points in the financial sector is the lack of pricing transparency. Cashwise aims to change this.
“Trust is the foundation of everything we do at Cashwise Finance. From the beginning, we committed to a transparent and fair pricing policy because we understand how frustrating hidden fees can be,” Elsie noted.
The platform ensures users are well-informed about charges and provides tools like real-time notifications on transactions and downloadable card statements. According to Elsie, “Building trust isn’t just about policies; it’s about delivering consistently excellent service and responding to our users’ needs.
Innovating Beyond the MVP
The launch of the MVP is just the first step in what promises to be an exhilarating journey for Cashwise. When asked about the future, Elsie revealed:
“As Cashwise Finance evolves, we’re exploring a range of innovations, from AI-driven financial insights to enhanced savings tools that cater to individual and business users. We are also looking forward to expanding into other regions like Europe.
“One area we’re particularly excited about is integrating more robust microfinance features, such as credit-building programmes tailored to our users’ unique circumstances. User feedback will remain at the core of these developments. We’re committed to maintaining an open dialogue with our community, ensuring that every enhancement we introduce aligns with their needs and aspirations.”
And the Regulatory Aspects?
Operating across multiple countries comes with its own set of regulatory challenges. How does Cashwise plan to maintain compliance while ensuring seamless transactions?
“Operating in multiple countries requires a proactive and collaborative approach to compliance. At Cashwise Finance, we apply a compliance-first approach. We’ve prioritised forming strong partnerships with regulated financial institutions in each region to ensure we meet all local requirements,” Elsie explained.
The company’s compliance team works to anticipate regulatory changes while leveraging advanced technology to safeguard user transactions. “By focusing on transparency and adaptability, we’re confident in our ability to provide seamless, compliant financial services that meet the diverse needs of our users in Nigeria, the U.S., and beyond,” she added.
Cashwise Finance enters the fintech space with huge plans, aiming to bolster how people send, receive, and manage money.
With its transparent pricing model, innovative features, and focus on user feedback, it seeks to ensure individuals and businesses thrive through interconnectivity.
So, whether you’re shopping globally with Cashwise’s Virtual USD Card or sending money seamlessly to loved ones via Zelle, Cashwise Finance might just be the game-changer the industry has been waiting for.
Ready to experience the future of connected finance? Download Cashwise today!
