Problem Prototype

Problem Prototype

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  • 1
  • Mr. Bayo called his friend John who is based in Germany  and belong to a small Nigerian group where people also send money home to their love ones. The people in the group also complain about the banks ridiculous charges and exchange rates and are looking for way to bypass it
  • I am Mr. Bayo based in Nigeria and send money to my son in Germany every month for his upkeep but I am  FRUSTRATED with the ridiculous exchange rates and service charges from Banks and MTA
  • 3
  • I will link you with someone that needs naira for euro and you two will decide and agree the exchange rates for swapping. Thereafter you share your son's bank details so she can transfer him the euro while she will share her Nigerian bank details as well so you can transfer the naira equivalent into it.With this no banks charges and ridiculous exchange rate.
  • Oh that is great John. But how does it work?
  • 5
  • Hello John, I hope I can TRUST your friend?
  • Mr John announced on a Whatsapp Group whose members are Nigerians based Germany  if anyone wants to sell euro that his friend needs to buy the euro. Gift said, she needs to send 1000 euro to her mum and asked John to link her with Mr. Bayo so they can swap their currencies for their needs
  • Hello Gift, you can trust him he is my very good friend. Your money is safe.Lol
  • 2
  • Hello Bayo, we are facing the same problem here too but what we do is to look for someone like you that needs euro for their naira and swap and we are able to bypass bank ridiculous exchange rates and service charges
  • Hello John, I need to send money to my son in Germany but the exchange rates from the banks/MTA are ridiculous. And that is not all the service charges are crazy as well. Do you know of any other methods I can use?
  • 4
  • Bayo you are right the TRUST is the major challenge we face using this method. But I know her personally and you can trust her.Don't worry Bayo she won't run away with your money.Lol
  • Cool!!! But how do I trust her ? I mean what if I transfer the money to her Nigeria bank account and she refuses to transfer the euro equivalent to my son. I think it is a very good idea but my problem here is TRUST
  • You are welcome Bayo. That is the method I have been using since last year the major challenge is TRUSTING the other party as you pointed out. And sometimes it is difficult to find someone that needs the euro. I hope somedays there will be a digital soultion that matches those who needs naira for EURO and vice versa. This will eliminate the TRUST ISSUE and the difficulty of finding those who needs euro for naira. Can you come up with such a solution Bayo?
  • 6
  • Hello John, we have closed the deal. I am so happy she gave me the best exchange rate anywhere in the world. 1 euro at 402 naira can you imagine? Thanks so much john!!!
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