Afriex a Nigerian blockchain-based money transfer startup.Founded in 2019 by Tope Alabi and John Obirije, Afriex provides instant, zero-fee transfers to Africans at home and in the diaspora. It allows users to deposit cash on the app, send money to a bank account or another user and withdraw money to a connected bank or debit card.The startup said it makes money by arbitraging the currency and crypto exchange rates when a customer transacts. Afriex processes more than $5 million in monthly transfers. It has grown its customer base by 500 per cent in the 2022 with half of its active users using the platform more than once a week

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Africa is well on its way to becoming a hub for Web3 and crypto development, with a thriving startup ecosystem backed by a population that has shown tons of enthusiasm for the idea of decentralized money.

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