Finance

PEEX : the peer-to-peer money exchange in Africa

Written by maseyan

Tell us a few words about the founders and how the idea came

 PEEX‘s founders, Yannick Kenga and Yves Ouambo, stumbled upon the idea for their company when they were trying to transfer money between countries.

Yannick moved to Cameroon from France in 2014, and he told his bank in France to transfer money from his account in France to his account in Cameroon. The trouble was, every time that he transferred money, he would be hit by transfer fees, often as much as 5%. At the same time, Yves was also working in Cameroon, but he needed to continually send money to France to pay his brother’s school fees.

The idea for PEEX surfaced when its two founders realised that they could cut down on money-transfer costs by paying each other’s expenses. Yannick used his money in France to pay for Yves brother school fees, and Yves used his money in Cameroon to send payment to Yannick.

PEEX avoids international bank-transfer fees by keeping the money transfers inside the country, using domestic accounts to minimise the distance that money has to travel.

Link to online video 

Your products and services 

 For legal (money laundering) and security reasons, we impose limits on how much you can exchange.

Your success factors 

  • No hidden fees; completely transparent
  • Suitable for both individuals and businesses
  • Exchanges are fixed to the daily interbank rate
  • Completely secure transactions (verification and rating process)
  • Compliance with anti-money laundering and tax evasion laws

Your factors differentiating and disruptive compared to the existing 

The transfer value chain can be simplified into three major steps : collect the money via intermediaries, transfer it through various formal channels and distribute it to the recipients.

Peers Exchange offers P2P exchange service reducing transfer fee from 10% to 1%

PEEX innovation is that its customers deal with their peers in a trusted social network thereby reducing if not eliminating the intermediaries. 

Your business model

1. Monthly subscription : exchange money directly with peers (no middleman).

2. No subscription : We serve as a middleman with escrow services. Users pay PEEX, PEEX pays users. Even for this escrow service, we still only take a maximum of 1% in fees on each side.

A few words about your competitors

 Global Reach : Competitors like Transferwise or CurrencyFair are winning this category hands down. PEEX is only available in Central Africa, Western Europe and USA

Fee Structure : PEEX has the best rates with only 1% charged for any transaction and mid-market rate applied

Your website 

www.peexit.com

 

About the author

maseyan

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