Introducing Wewire: The Revolutionary Multi-Currency Payment Platform Powering Global Trade

Date

June 19, 2023

|

4 min read

Cover Image for Introducing Wewire: The Revolutionary Multi-Currency Payment Platform Powering Global Trade

Wewire, a groundbreaking multi-currency payment platform, is set to launch its highly anticipated platform in beta version on June 19, 2023. Designed to meet the evolving needs of businesses engaged in international trade, Wewire empowers African enterprises to effortlessly conduct transactions across Africa and beyond, unlocking the true potential of borderless banking.

In today's interconnected world, businesses trading across national borders face numerous challenges when managing payments efficiently and securely. Wewire emerges as the game-changer in cross-border payments. It provides a seamless and robust platform that facilitates smooth cross-border transactions for companies operating and trading in Africa, America, Europe and Dubai.

"Our mission at Wewire is to revolutionize banking access for African businesses and the way businesses transact globally," said Eben Ghanney, Founder and CEO of Wewire. "We understand the struggles faced by SMEs operating in diverse regions, and we are excited to introduce a solution that eliminates the complexities and inefficiencies associated with cross-border payments. With Wewire, businesses can focus on what they do best – expanding their reach and driving growth."

Wewire offers a wide array of features tailored to the unique requirements of businesses engaged in international trade. Wewire enables businesses to conduct secure, fast, and cost-effective transactions in multiple currencies by leveraging state-of-the-art technology and competitive rates. The platform supports payments in African currencies, American dollars, and European euros, offering unparalleled flexibility and convenience to its users.

Key Features and Benefits of Wewire:

1. Borderless Transactions: Wewire empowers businesses to overcome geographical barriers by facilitating seamless transactions across Africa, America, and Europe.

2. Secure and Reliable: Built with cutting-edge security measures, Wewire protects every transaction, safeguarding businesses from potential risks and fraudulent activities.

3. Competitive Exchange Rates: Wewire partners with leading financial institutions to offer highly competitive exchange rates, ensuring that businesses receive maximum value for their money. Wewire helps companies optimize their profit margins.

4. Business Multi-Currency Wallets: With Wewire, businesses can create wallets to transact different currencies in different countries without creating bank accounts in these countries.

5. Streamlined Operations: Wewire simplifies the payment process, reducing business administrative burdens by granting access to banking statements and a team dashboard with centralized access.

To celebrate the beta launch, Wewire is offering an exclusive opportunity for businesses to join the platform and experience the future of cross-border payments firsthand. Participants will gain early access, benefit from premium customer support, and have the chance to provide valuable feedback to shape the platform's development.

Join the revolution in global trade with Wewire! To learn more about the platform and secure your spot in the beta launch, visit https://www.wewireafrica.com/ today.

About Wewire:

Launched in April 2021, Wewire is a multi-currency payment platform designed to empower businesses engaged in international trade. With its advanced features and strategic partnerships, Wewire unlocks borderless banking, making cross-border transactions seamless, secure, and cost-effective.



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Cover Image for  How to Send Money Within African Countries

How to Send Money Within African Countries

Outline:

  • Introduction
  • Current Money Transfer Methods Within Africa: Challenges
  • Understanding Wirewire Africa
  • Why Choose Wirewire Africa?
  • Getting Started with Wirewire Africa
  • Initiating Your Money Transfer
  • Confirming and Finalizing Your Transfer
  • Tracking Your Transfer
  • Conclusion

Introduction:

In today’s interconnected world, more than ever, sending money to other African countries is needed efficiently. Whether helping family members, supporting a business partner, or making payments. Unfortunately, different countries have different currencies because of how Africa is set up. Businesses operating across multiple African countries must determine how to obtain and maintain various bank accounts for foreign currencies and perform money transfers and cross-border payments that feature these different currencies in various countries. As you can tell, this can be a big hassle.

Wirewire Africa is the ultimate solution for hassle-free money transfers within the continent. In this comprehensive guide, we’ll take you through the simple steps of sending money using this trusted payment platform, all while sharing valuable tips to ensure a smooth and secure experience.

Current Money Transfer Methods Within Africa and Challenges

Before delving into the details of using Wirewire Africa, let’s examine the challenges of existing money transfer methods within African countries:

  • High Fees: Many traditional methods have exorbitant fees that eat into your funds.
  • Lengthy Processing Times: Some transfers can take days or weeks to reach their destination.
  • Unfavorable Exchange Rates: Converting your money through traditional channels often results in poor exchange rates.
  • Limited Accessibility: Not all regions can access reliable banking services, making transfers difficult.

Understanding Wirewire Africa

What is Wirewire Africa? Wirewire Africa is a trusted B2B payment processing platform specializing in using technology to solve the hassle of cross-border payments for businesses. With Wewire Africa, businesses can easily make international and domestic money transfers within African countries. The customer dashboard has an intuitive interface, competitive exchange rates, and robust security features, making it the preferred choice for sending money across borders or within your own country.


Why Choose Wirewire Africa?

  • Competitive Exchange Rates: Wirewire Africa provides competitive exchange rates, ensuring you get the most value for your money.
  • Speed and Reliability: Transfers are processed swiftly, ensuring your recipient receives the funds promptly.
  • User-Friendly Interface: Wirewire Africa’s platform is designed for easy use, making it accessible to everyone.
  • Top-Notch Security: Your financial data is protected with state-of-the-art security measures such as two-factor authentification, guaranteeing your peace of mind.

Getting Started with Wirewire Africa

Creating Your Account

  • Begin by visiting the Wirewire Africa website.
  • “Click on the "Sign Up” button.
  • Provide essential details such as your name, email address, country you’re in, and account password you’d like to use.
  • Verify your email address and complete the registration process.

Identity Verification

Wirewire Africa requires everyone who signs up to complete the identity verification process to comply with regulatory standards. This typically involves submitting identification and proof of address documents.

Initiating Your Money Transfer

Logging In

  • Sign in to your Wirewire Africa account using your registered email and password.
  • Once logged in, you’ll be directed to your personalized dashboard.

Currency Swap

To transfer money from your country to another country using Wewire Africa, you need to perform a conversion from your currency to the receiver’s currency. Currency swaps are free on Wewire Africa.

To complete a currency swap, click on the quick conversion tab on the right-hand side of your customer dashboard, choose the currencies you’re converting from and to, input the amount, and then click on the convert button.

Initiating a Transfer

After swapping to the receiver’s currency, you can initiate a payout to send the money to the recipient’s bank account.

  • Open the wallet containing the currency you want to send
  • Select the payout option
  • Select between making a one-time payment or payment to an already saved beneficiary.
  • Enter the recipient’s information, including their name and banking particulars.
  • Input the desired transfer amount.
  • Review the transaction details for accuracy.

Confirming and Finalizing Your Transfer

After reviewing the transaction details, click the Initiate Payout button to send money to your recipient.

Wirewire Africa will provide you with a reference number or transaction ID. Keep this information for tracking purposes.

Tracking Your Transfer

Use the reference number or transaction ID to monitor the status of your transfer from your customer Dashboard.

Wirewire Africa also provides updates on the transfer’s progress, including when it is sent and received by the recipient via email.

Conclusion:

Wirewire Africa makes sending money within African countries a breeze. Whether you’re supporting loved ones, conducting business, or managing personal finances, Wirewire Africa offers a secure, efficient, and cost-effective solution. Say goodbye to excessive fees, long processing times, and unfavorable exchange rates. Embrace the convenience of digital money transfers within Africa with Wirewire Africa. Sign up today.

Make the smart choice today and experience a seamless domestic money transfer process with Wirewire Africa. Stay connected to our blog for more financial insights and expert advice.


Cover Image for Transforming Cross-Border Payments

Transforming Cross-Border Payments

How Wewire Africa is Bridging the Gap from Africa to Tier One Countries

Introduction

Cross-border payments have long been a challenge for individuals and businesses in Africa seeking to engage with tier-one countries such as the United States, the United Kingdom, and Europe. The complex web of regulations, high costs, and limited access to traditional financial services have hindered economic growth and international trade. However, the fintech revolution is changing the game, as innovative startups such as Wewire Africa are emerging to solve these long-standing issues and facilitate seamless cross-border transactions. In this article, I will explore the challenges of cross-border payments out of Africa to tier-one countries and how Wewire Africa is stepping in to bridge this gap.


The Challenges of Cross-Border Payments from Africa

1. High Transaction Costs: Traditional banks and financial institutions have historically charged exorbitant fees for cross-border transactions. These costs can significantly eat into the funds being sent and received, making it less appealing for individuals and businesses to engage in international trade and financial activities.

2. Slow Transaction Speeds: Traditional cross-border payment methods can take several days or even weeks to complete. This lag in transaction times can be especially detrimental in business contexts where timely payments are critical for operations.

3. Limited Access to Banking Services: In many African countries, a substantial portion of the population remains unbanked or underbanked. This lack of access to formal financial services makes it difficult for individuals to send and receive international payments. Almost every transaction requires you to head to a physical banking hall and spend hours in queues.

4. Foreign Exchange Complexity: Currency exchange is a significant hurdle in cross-border transactions. Converting local currency to foreign currency, often at unfavourable exchange rates, can result in significant losses for individuals and businesses.

5. Regulatory Challenges: Stringent regulations and compliance requirements can vary widely from one African country to another, adding complexity to cross-border payments. Navigating these regulations is often a daunting task.

6. Lack of adequate Liquidity: Banks in Africa generally do have enough FX liquidity to supply the needs of import businesses, multi-national businesses and fund managers who regularly need to transfer out millions of dollars. This is a result of inadequate allocation of FX from central banks to the local banks.


Wewire Africa’s Solutions for Cross-Border Payments

Fintech companies are emerging as champions in addressing these challenges and revolutionizing cross-border payments in Africa. Here's how we are making a difference:

1. Lower Transaction Costs: Wewire Africa offers competitive pricing compared to traditional banks, reducing the fees associated with cross-border payments. Transparent fee structures ensure that customers know exactly what they are paying for. We charge 0.5% for cross-border payments compared to the 1 to 5% charged by competitors and traditional banks

2. Faster Transaction Speeds: Wewire Africa leverages digital technologies and blockchain to expedite cross-border transactions. Some transfers now occur within hours, compared to the days or weeks it might take through traditional channels. Depending on the market you are transferring funds to it should hit the recipient within 24hrs

3. Wider Accessibility: Wewire Africa makes financial services more accessible to the unbanked and underbanked populations in Africa. Through web apps and digital wallets, individuals can initiate and receive cross-border payments with ease.

4. Efficient Currency Exchange: Wewire Africa offers competitive exchange rates and convenient currency conversion services. This reduces the costs associated with currency conversion and minimizes losses due to unfavourable rates. For comparison, I used my local bank card to buy something online which was a rate of 12.25 GHS to $1, same day I used my Wewire Africa virtual card to make a transaction and the exchange rate was 11.88 GHS to $1.

5. Compliance and Regulatory Support: Wewire Africa has dedicated teams to navigate the complex web of international regulations and compliance requirements. This ensures that cross-border transactions are conducted legally and transparently. We’ve invested heavily in compliance tools to track real-time transactions our customers are doing


Conclusion

Wewire Africa is a multi-currency payment platform designed to empower businesses engaged in international trade. It enables businesses to conduct transactions across Africa and beyond, unlocking the true potential of borderless banking. Wewire Africa offers faster cross-border transactions with virtual accounts that hold and payout money into multiple currencies with your WeWire account. It also offers virtual cards for businesses that empower them to manage expenses, streamline payments, and gain control over transactions. Wewire Africa is operating with an MSB license from Canada with a presence in Ghana, Nigeria, Kenya, Uganda, USA, UAE and the UK. The company has processed over $400m in transaction volume since inception.

Written by: Ebenezer Ghanney, Co-founder and CEO of Wewire Africa.

Ebenezer has 6+ years of experience in the Fintech & FX space. He is an experienced FX trader who has generated a lot of revenue and cost savings for his clients over the years. He has successfully executed trades of over USD 400 million from 2021 to date. He successfully led the growth of Wewire in Ghana and the expansion into other markets (Nigeria, Kenya, Uganda, UAE, USA and Canada). Obtained a license for the company in Canada.

Prior to launching Wewire, He was the Country Operations Manager for Yellow Card in Ghana, where he built the retail business to 150k+ users and over USD 20 million in transaction volume in the first year of operation.

Before Yellow Card, He worked with Liquid Financial, where he led business development, User Experience testing and Customer Acquisition. He also founded 2 now-defunct startups between 2017 to 2021. The learnings from past projects have influenced how Wewire was built from the ground up.

Academically, he holds a BSc. Accounting from the University of Professional Studies, Accra (UPSA). He’s also a certified securities analyst by the Ghana Stock Exchange.

Cover Image for How to make the most of Holiday Period Sales

How to make the most of Holiday Period Sales

Thanksgiving, Black Friday, Cyber Monday, Christmas, Boxing Day, New Year’s Day are all important days of the year not only because they herald the festive season as well as end-of-the-year festivities but also because there are amazing discounts, sales and promotions that brands are always running as part of their end of the year campaigns.

This makes the holiday period the perfect time to snag amazing deals and discounts from your favourite brands, but to do this well, one must be prepared, which is why we prepared this short guide to help you make the best of Sales this period.

Here are a few tips to help you make the most of the Holiday period using the Wewire virtual dollar card:


  1. Plan Ahead: Create a budget and a shopping list. Research the best deals and discounts available during the festive season.
  2. Leverage Rewards and Cashback: Using cashback apps like Rakuten, Many brands also offer rewards and cashback on purchases. Utilize these benefits to gain additional value from your shopping.
  3. Compare Prices: Be sure to look around and compare prices across various platforms or retailers. Look for the best offers to get the most value for your money.
  4. Monitor Price changes: Keep track of your purchases by setting up notification alerts and emails that inform you of when these brands go on sale or go live with their discounts. That way, you’re surely ready to maximise these promotional offers.
  5. Last but not least, use the Wewire Virtual dollar Card to shop this festive season: Wewire offers you a fail-safe dollar card that works on all the websites you would like to shop from? Create an account if you haven’t already and create a dollar card too!

Benefits of Using Your Wewire dollar card

  • Security and Safety: Wewire dollar cards offers secure transactions, minimising the risk of fraud or theft during the shopping frenzy of festive sales.
  • Easy Online Transactions: With your Wewire dollar cards, accessing online deals becomes effortless. You can shop from the comfort of your home and avail yourself of discounts on a global scale.
  • Currency Conversion: Many festive season sales happen worldwide. Your DollarCard simplifies international transactions, saving you from currency conversion hassles and providing competitive exchange rates.

Conclusion

The festive season sales can be overwhelming, but with the right strategy and your Wewire virtual USD card, you can make the most out of these opportunities. Maximise discounts, protect your purchases, and enjoy a stress-free shopping experience during this joyous season. Happy Shopping!

By employing these tips and leveraging the benefits of your DollarCard, you'll not only bag fantastic deals but also ensure a secure and rewarding shopping spree.

Smart planning and wisely utilising your Wewire USD Card can turn the festive season into a shopping extravaganza filled with savings and delight.