Nigerian fintech company Divest has introduced a new product, Money Xchange, aimed at facilitating cross-border money transfers across several African markets.
The product allows users to send funds between Nigeria, Kenya, Ghana, and South Africa, with exchange rates displayed before transactions are confirmed.
Money Xchange has been integrated into the existing Divest application, enabling users to convert digital assets and carry out cross-border transfers from a single interface.
Cross-border payments remain a major challenge across African financial corridors, with settlement delays, foreign exchange spreads, and fragmented payment processes often increasing the cost and complexity of remittance transfers.
Africa processes more than $100 billion in remittances annually, yet sending money to sub-Saharan Africa remains among the most expensive globally.
The new service allows users to initiate transfers while viewing exchange rates upfront before completing transactions, with the recipient receiving the exact amount displayed at confirmation.
Divest Chief Executive Officer, Kelechi Idoko, said the platform was designed to address user demand for a simplified system that combines cryptocurrency conversion with traditional money transfers.
According to the company, the product targets individuals and businesses involved in cross-border transactions, including diaspora users sending money home, freelancers receiving international payments, and small traders managing cross-border inventory purchases.
The service is currently available to users in Nigeria through the Divest mobile application on both iOS and Android devices.
Divest said it plans to expand the service to additional corridors in the coming months, with Canada and the United Kingdom listed among potential markets for future expansion.
The company operates financial technology services across Nigeria, Kenya, Ghana, and South Africa.
