The use case for Titan Xchange cuts across business and individual needs. For students who study abroad to pay for school fees and personal needs. The use case also covers businesses that want to pay their supplier, partners, etc. Titan has created a digital platform ( mobile app and web) where they want to interface with the users and allow them to move money at their convenience.
“For example, if you want to Japa (Nigerian slang for migrating to the diaspora), you must pay your school fees. That is the trend. You want to pay school fees in London, but how do you access forex to pay your school fees?
“Or you want to send money to a friend, or a friend is going to London or America, and you want them to buy you a pair of shoes; you have the account number, but you don’t know how to get money across to them, what would you do?
“For businesses, 90% of our users currently in our beta phase are businesses that import on a daily or weekly basis, and they need forex to keep their business going.
“So they want to pay for their supply in China. Everything that you use in Nigeria is imported, right? The clothes you wear before someone somewhere brings them into the country. And for someone to bring it into the country, they need forex. So the use case for business is that we provide the forex liquidity they need to facilitate their transaction on an ongoing basis.” Ejiofoh explained.
Using Titan Xchange is easy; users fund their wallets, attach their invoices, and provide beneficiary details, and the platform makes their transactions on their behalf.
Titan solves many challenges for the users; it saves them the headaches of passing through the bureaucratic mess of the traditional banking system, shields them from fraudulent acts that are popular in the P2P routes and gives them convenience while making these payments.
Users can access this service from Titan’s app or the web. Just create an account, submit their documentation for KYC purposes and then get a Virtual Wallet upon verification.
With NGN as its local currency Titan can power remittance into USD, EUR, GBP, and Canadian Dollars.
“We also have the capacity to cover others of African countries, like South African Rand Ghanaian Cedis. But just on our front end, we are currently supporting five currencies, NGN, USD EUR, GBP, and Canadian dollars,” Ejiofoh said.
Launching faster with Fincra
One way businesses at the beta stage, like Titan Xchange, can launch faster and better is by partnering with innovative businesses that can provide resources and expertise. In the payment space, Fincra is that partner that everyone needs, and Titan Xchange knows that.
“Fincra has been really useful for us; like extremely useful,” Ejiofoh said.
“First, to provide the infrastructure that enables us to receive the NGN. Fincra provides the infrastructure that allows us to automate our cross-border payment solutions to our users.
“Our users do not care how their backend works. It just happens, and they see their money. So, Fincra has been assisting us with paying out and receiving local currency.
Fincra has also been helping us facilitate other stuff, like, in terms of even just connecting us to investors.
“So yeah, it’s been a great experience with Fincra; the team is very responsive whenever I need to reach out to someone. They always come back with an answer to every problem.”
At Fincra, we saw a problem in the payment infrastructure space in Nigeria. We took up the challenge to build infrastructure that can allow the seamless transfer of value within the continent and with the rest of the world.
With what we have built and are building, we power businesses, large corporations, fintechs and everything in between with local and international payment solutions.
We have products that cover both the online and offline space, including Checkout, Virtual Accounts, Agency Banking, POS Terminal, APIs etc.
Like Titan Xchange, fintechs can leverage Fincra’s products and APIs to launch faster and offer financial services to their customers.
Create a free account with us or talk to one of our sales representatives for more details.