Kaoshi Network
Our digital peer-to-peer marketplace enables two-way currency exchanges between users with naira and users in the diaspora with foreign currency.
Choosing your own exchange rate
We give you the flexibility to set your own exchange rate to swap your currency (within a given rate range), giving you greater control of each transfer.
We also provide a ‘Suggested Rate’, for our users who want to swap their currencies at the prevailing market rate.
Peer-to-peer Offers
Kaoshi users can access a daily stream of live offers in the marketplace across all the currencies we enable swaps. Our marketplace allows users, shop for the best offers. i.e. The offers that guarantee that their beneficiaries receive the most money.
In the event the available offers are not within your desired rate range, just set a preferred rate, using the ‘Rate Alert’ feature, and get notified when a better offer is live on the platform.
Kaoshi User Types
There are two types of users on Kaoshi – Matchers and Posters.
A ‘Matcher’ is someone who wants to send naira to Nigeria from the diaspora. Whilst a ‘Poster’ is someone in Nigeria who wants to exchange their naira for foreign exchange (FX), in their local domiciliary account or a foreign bank account.
Account Setup
Matcher User
I want to send Naira to Nigeria from the diasporaPoster User (1)
I want to exchange Naira for foreign exchange into a foreign bank accountPoster User (2)
I want to exchange Naira for foreign exchange into a local domiciliary accountFor instance – Tolu lives in France and needs to send Naira to his mum (Osas) in Nigeria.
Tolu Creates his Kaoshi account
- Inputs contact details
- Selects Bank Location
- Enters preferred bank account as the payment method via Klarna
Account setup for Poster 1
Chika lives in Nigeria and needs to send money to her brother, Emeka in the France for his upkeep
Chika Creates her Nigerian Kaoshi account:
- Inputs contact details
- Selects Bank Location
- Select Payment Method
- Enter Nigerian bank debit card details
Account setup for Poster B
Ahmed is exchanging his Naira for (inflow) US dollars for savings and personal online purchases.
Account setup for Poster B
- Inputs contact details
- Selects Bank Location
- Selects Payment Method
- Selects Delivery Method
- Enter Nigerian domicilary bank account as the delivery method
- Enter Debit Card details as the payment method
How the Matcher and Poster accounts work together
Matcher User
I’m sending Naira to Nigeria from abroadPoster User (1)
I’m exchanging Naira for foreign exchange into my foreign bank accountPoster User (2)
I’m exchanging Naira for foreign exchange into my local domiciliary account
A matcher user, Tolu intends on sending Naira from France to his mom (Osas) in Nigeria. He will achieve this by matching offers made by poster accounts on Kaoshi.
Tolu finds two offers from Ahmed and Chika, poster accounts that match his request.
Matching request with poster 1
Step 1
Matching Tolu’s request with poster 1, Chika, who wants to send money to her brother (Emeka) in the France whilst he is in school.
Tolu accepts Chika’s offer
Step 2
- Tolu is prompted to make the payment to Emeka’s French bank account
- Kaoshi verifies the payment and payment amount
Emeka receives her EUR in her French bank account
Step 3
Tolu’s Mum – Osas, receives her naira As soon as Chika’s brother, Emeka receives his EUR in his French account, the bank moves the naira on hold in Chika’s naira account to Tolu’s mom’s bank account.
Matching request with poster 2
Step 1
Matching Tolu’s request with poster 2, Ahmed, who wants to exchange his Naira for US dollars into his local domiciliary bank account.
Tolu sees Ahmed’s USD offer (which has been converted to its equivalent in EUR – i.e. Tolu’s local currency); he likes the offer, so he matches it.
Tolu accepts Ahmed’s offer
Step 2
Tolu completes the transfer to a Nigerian domiciliary account
- Tolu is prompted to make a USD payment to Ahmed’s Nigerian domiciliary account via his preferred licensed IMTO like Worldremit, Ria Money Transfer and Remitly
- To complete the transfer, Tolu copies Ahmed’s details (as displayed) and is redirected to the licensed IMTOs page, where he is prompted to make the payment
Step 3
- Kaoshi verifies the payment and payment amount
- Ahmed receives his (inflow) US dollars in his domiciliary account
- As soon as Ahmed receives the US dollars in his domiciliary account, the bank moves the naira on hold in Ahmed’s naira account to Tolu’s mom’s account.
A poster user, Chika intends on sending EUR to her brother, Emeka in France from her Nigerian bank to her brother’s French bank account.
Step 1
Chika starts by posting an offer with her Nigerian account then she gets matched to a user that accepts her offer.
- She specifies the EUR amount she wants to send
- Sets preferred exchange rate
- Enters her brother’s email address as the recipient (NOTE: Emeka receives an email prompting him to open a Kaoshi account to be able to receive the money. He also needs to add his SEPA-enabled bank account as delivery method.)
- Chika’s bank places a fund hold on her naira account for the naira amount till the transaction is completed.
- Chika’s posting limit is 1000 EUR per transaction, but she can make multiple transactions daily.
- Unmatched offers expire after 24 hours and the fund hold is released on Chika’s naira account for the aforementioned naira amount.
Step 2
Offer getting matched
Chika’s offer is then matched to a user who accepts her offer.
- The user that matched Chika’s offer is then prompted to make the payment.
- Kaoshi verifies the payment and payment amount
A poster user, Ahmed intends on exchanging his Naira from his Nigerian bank account for US Dollars into his local domiciliary account.
Step 1
Posting an offer (Poster 2)
Ahmed starts by posting an offer with his Kaoshi account then he gets matched to a user that accepts his offer.
- Specifies the US dollar amount he needs
- Sets preferred exchange rate
- Enters his Kaoshi email address as the recipient
- Ahmed’s bank places a fund hold on his naira account for the naira amount till the transaction is completed.
- Ahmed’s posting limit is 1000 USD per transaction, but he can make multiple transactions daily.
- Unmatched offers expire after 24 hours and the fund hold is released on Ahmed’s naira account for the aforementioned naira amount.
- Although Ahmed’s offer is a request for USD in his domiciliary account, his offer is broadcast to everyone across the globe, and not just to Kaoshi users in the USA. For his offer to be accessible globally, it is automatically converted to the local currency of each country it is broadcast to – by licensed international money transfer operators (IMTOs) on Kaoshi like Worldremit, Ria Money Transfer or Remitly.
Step 2
Offer getting matched
Ahmed offer is then matched to a user who accepts his offer.
- A matcher is prompted to make a USD payment to Ahmed’s Nigerian domiciliary account via his preferred licensed IMTO like Worldremit, Ria Money Transfer and Remitly
- To complete the transfer, the Matcher user copies Ahmed’s details (as displayed) and is redirected to the licensed IMTOs page, where he is prompted to make the payment
Send money from 40 countries to Nigeria and Ghana
Australia
Austria
Belgium
Bulgaria
Canada
Croatia
Czech Republic
Denmark
Estonia
Finland
France
Germany
Gilbratar
Greece
Hong kong
Hungary
Iceland
Ireland
Italy
Japan
Lativa
Lithuania
Luxembourg
Malaysia
Malta
Netherlands
New Zealand
Norway
Poland
Portugal
Romania
Singapore
Slovakia
Slovenia
Spain
Sweden
Switzerland
United Kingdom
United States
Send money internationally from Nigeria and Ghana to 14 countries
Austria
Belgium
Canada
Denmark
Finland
France
Germany
Italy
Netherlands
Portugal
Spain
Sweden
United Kingdom
United States