How it works | UK – NGN – Kaoshi Network | Send and Receive Money Bullet Fast and At The Best Rates

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.

How we Work

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 diaspora

Poster User (1)

I want to exchange Naira for foreign exchange into a foreign bank account

Poster User (2)

I want to exchange Naira for foreign exchange into a local domiciliary account

For instance – Tolu lives in UK 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 UK 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 abroad

Poster User (1)

I’m exchanging Naira for foreign exchange into my foreign bank account

Poster User (2)

I’m exchanging Naira for foreign exchange into my local domiciliary account

A matcher user, Tolu intends on sending Naira from UK 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 United Kingdom the whilst he is in school.

Tolu accepts Chika’s offer

Step 2

Tolu is prompted to make the payment to Emeka’s UK bank account

Kaoshi verifies the payment and payment amount

Emeka receives her GBP in her UK bank account

Step 3

Tolu’s Mum – Osas, receives her naira As soon as Chika’s brother, Emeka receives his GBP in his UK 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 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 GBP to her brother, Emeka, in the UK from her Nigerian bank to her brother’s UK bank account.

Step 1

Posting an offer (Poster 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 GBP 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 GBP 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

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Kaoshi Network

How we Work

Choosing your own exchange rate

Peer-to-peer Offers

Kaoshi User Types

Account Setup

Matcher User

Poster User (1)

Poster User (2)

Tolu Creates his Kaoshi account

Account setup for Poster 1

Chika Creates her Nigerian Kaoshi account:

Account setup for Poster B

Account setup for Poster B

How the Matcher and Poster accounts work together

Matcher User

Poster User (1)

Poster User (2)

Matching request with poster 1

Step 1

Step 2

Step 3

Matching request with poster 2

Step 1

Step 2

Step 3

Step 1

Step 2

Step 1

Step 2

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