ClickPesa is expanding its payments platform and promise to offer cheaper transactions across Africa. The new service “eBureau de Change” will enable customers to shop around for the best rates and exchange money electronically through bank transfers and m-money wallets. In most countries in Africa, there is a significant difference in exchange rates between banks and retail forex shops, with the latter offering significantly better rates as can be seen in Fig 1 below. People and businesses save money when exchanging money through a forex shop. The current option available to people and businesses is to withdraw cash from the bank and physically exchange cash at a retail forex shop. This process is risky and expensive as banks charge fees on withdrawals of foreign currencies.
The ClickPesa eBureau de Change platform creates a marketplace for Bureau de Changes to offer their services and customers get the most competitive rates. The platform consists of a licensed Bureau de Change module, a user module and invoice function
How does it work?
Module 1 – Licensed Bureau de Change
This module will enable licensed Bureau de Changes to sign up, market rates, set up transactions accounts and executes trades. The platform gives reference to the best rates and service. A Bureau de Change with the best rate, service and rating will automatically be the top on the list.
Module 2 – User
This module will enable customers to access the best rates from the top Bureaus and banks in terms of service and exchange rates. Customers will be able to login, check the rate and execute a trade. The system automatically matches the best rate and service to complete the other half of the trade
1) User register as a customer
2) Users logs in with username and password. Once logged in the user has access to the conversion tool and rate as seen below.
3) The user selects the currency they want to exchange and amount
4) The user selects the currency they want to receive
5) The user presses next to confirm the amount and rate they wish to exchange
6) The user enters her payment instructions
- Bank name
- SWIFT code
- Account name
- Account number
*Once payments instructions are entered user presses next
7) The user confirms payments details
8) Customer clicks transaction list to see the status of the transaction
Status has 5 functions:
Pending = Waiting on customer deposit to process the exchange
Processing = Customer deposit is received the exchange is being executed
Successful = The exchange is complete and funds settled
Failed = Transaction broke down
Expired = Customer didn’t deposit funds in time
The customer has to complete the deposit of funds to the stated account to begin the exchanges process. Once the funds have been received the exchange will take place then the settlement of exchanged funds will be complete. The transaction expires if the funds are not deposited within one hour of requesting a trade.
ClickPesa eBureau De Change is now live. Users can signup and start saving on exchanges.