Mices Ltd.ETOPAY a UK-Nigeria fintech exchange platform is set to launch in the first quarter of this year. It is a web platform that allows its Nigerian users to safely exchange foreign currencies through peer-to-peer (P2P) transactions.
Spearheaded by Kolawole Akinmosin and Ayodeji Mekuleyi, Metopay began with Kolawole's ingenious idea to exchange currencies between stranded students and transfer unions during the 2014 Crimean annexation. 9 years later, that solution is now a platform that seeks to remove the problems of foreign exchange both at home and abroad.
Since the rationing of foreign exchange, there have been horror stories of fraudulent transactions resulting in banned accounts, unstable exchange rates, the difference of exchange rates across platforms, and difficulties in finding foreign currency to buy raw materials/imports or fake currency exchange. These experiences increase the risk of imprisonment, frozen accounts abroad or deportation of Nigerians and eventually discourage foreign investors.
Speaking on Metopay Services, Kolawole says, “ We have an opportunity to be a reliable middleman, seeing that Nigerians still have problems exchanging fiat currency through trusted means both home and abroad. Metopay is the answer to that anxiety that surrounds exchanging fiat currency. We come complete with tight security for buyers and sellers on the platform. We are partnered with major players in Fintech, just so we can provide a well-rounded experience for our users. We have just begun with our naira-pound exchange, and hope to expand to other needed currency pairs''.
Metopay Services uses an extensive identity verification system to ensure that transactions are traceable. Its vision is to be a cross-continental P2P platform for the continent in the coming years.
Having completed extensive research and insight, its idea validation has been ongoing since 2017 and is set to launch this year, 2023.
This solution is a sigh of relief for businesses who use FOREX to purchase raw materials and imports, students who need money from home to settle bills abroad, individuals who want to send FOREX home and those who need FOREX to pay school fees and other bills.