By Chris Onuoha
In a bid to create a seamless business transaction across the globe, a Nigerian money market expert, Favour Ori is set to launch a new remittance product called Cherry finance.
According to Ori, Cherry, as a new money market brand, will target African immigrants in North America including the US and Canada. He mentioned that the new brand will enable Africans living in this axis to send money back home without much hassles at affordable rate.
In a statement at a press briefing held recently, Ori said, “There is still a large market share to capture and we are bullish about what we are building. We have done this before with Payday and we are doing it again.”
Ori also noted that Cherry is partnering with Africa’s highest-valued startup, Flutterwave, that already supports cross-border transfers to 34 of the continent’s 54 countries. “The partnership will help Cherry comply with local regulations in its countries of operation,” remarked Ori, adding that with a flat fee of $2 per transaction and transfer, Cherry service becomes the cheapest in the market.
“While players like Sendwave, Wise among others would charge between $10 to $200 per transaction, Cherry has the best exchange rate in the Market with its pilot phase to rollout in the US starting this month. Users will be able to connect Nigeria, Ghana, Kenya, and the rest of Africa in due course,” he said.
He stated that Cherry has a lot of payment methods that include Cards, Apple Pay, Google Pay, ACH, and Stablecoins payment.
Meanwhile, Ori noted in the statement that his company launched Payday platform, a Digital Neobank for African freelancers and remote workers in June 2021, issuing USD, GBP, EUR bank accounts with a Virtual Mastercard for globally transactions.
“Payday secured $2.2million pre-seed from global investors like Techstars, Ethos VC, Loftyinc Capital, Ingressive Capital, Magic fund including Gbenga Agboola, the CEO of Flutterwave.
“Payday has over 100,000 users with an accelerated growth of 40 percent monthly and processes millions of dollars every month. In August 2022, Payday broke even and we recently, showcased on the Nasdaq Tower in New York, USA as a result of tremendous growth and traction,” he added.
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