A $25,000 tuition payment to New York University became the experience that pushed Louis Otaesiri to rethink how people make foreign exchange decisions. After using a peer to peer currency exchange between Nigerians in the US and Nigeria, Otaesiri discovered that paying through a commercial bank at the official Central Bank of Nigeria rate would have delivered a better financial outcome.
The experience highlighted a problem that extends beyond one transaction: having multiple ways to move money across borders does not necessarily mean consumers have enough information to determine which option offers the best value.
Otaesiri has since built AfriConvert, a financial intelligence and FX comparison platform designed to give users more information before they commit their money to a cross border transaction.
The platform aggregates foreign exchange data across 162 currencies and 89 payment providers, allowing users to compare exchange rates, fees and expected payout amounts before choosing a provider.
The information problem behind FX decisions
For consumers sending money internationally, finding an exchange rate is rarely the difficult part.
A quick search can produce a mid market rate, while central banks publish their own reference rates and payment providers display rates that may include spreads and fees.
The challenge is determining how much money the recipient will actually receive.
That distinction is particularly important for large transfers, regular remittances and business payments, where relatively small differences in rates and fees can have a meaningful impact on the final amount.
Otaesiri believes the growth of digital cross border payments has made this information layer increasingly important.
“As execution [in cross-border transactions] becomes faster, the informational layer surrounding it becomes more important,” he explains.
AfriConvert is designed around that premise.
From currency calculator to comparison platform
The platform initially started as a currency conversion tool driven by Otaesiri’s own need for clearer FX information.
It has since evolved into a broader comparison and financial intelligence platform, providing users with exchange rates, provider offers, payout outcomes, historical trends and market context.
Users can compare what different providers offer across a particular currency corridor rather than relying on a single exchange rate displayed by one payment platform.
AfriConvert also provides historical charts, rate alerts and watchlists designed to help users monitor currency movements over time.
The platform does not hold or process customer funds. Instead, users use the information available on AfriConvert to assess their options before completing transactions directly with their selected payment provider.
Why provider comparisons matter
There is no single transfer provider that is always the cheapest or most favourable option, according to AfriConvert.
Rates can vary depending on the currency corridor, transfer amount, provider fees and timing.
This means a provider offering a competitive rate for one transaction may not necessarily offer the best payout for another.
AfriConvert’s comparison model is therefore built around the specific transaction rather than ranking one provider as universally superior.
The platform provides three categories of market intelligence to help users make those comparisons.
Daily Market Summaries track short term movements and volatility across major currency corridors.
Provider Rankings compare live payout figures across eligible providers for a particular corridor.
Monthly Market Reports examine longer term currency movements across key international payment routes.
For instance, AfriConvert’s September 2, 2026 daily market summary showed GBP/NGN and EUR/NGN falling by more than 2% over one week, while USD/KES remained flat.
A September 1 monthly report covering nine major corridors identified USD/GHS as the most volatile pair over the preceding 30 days, rising by nearly 4%.
Beyond remittances
The use case for this type of information extends beyond individuals sending money home.
For African businesses paying international suppliers, changes in exchange rates can affect operating costs and margins. Freelancers and remote workers earning in foreign currencies also need to understand how much their income will be worth when converted into local currency.
Travellers and cross border traders face similar challenges when estimating how much their money will be worth in another market.
For diaspora households, the difference can be felt in the amount ultimately received by families.
Otaesiri believes the central issue is therefore shifting from the ability to move money to the ability to make informed decisions before moving it.
“The issue is no longer whether capital can move. It is whether participants have clarity before it does.”
Building an intelligence layer for cross border payments
The growth of digital payment platforms has made international transfers faster and given consumers more options. But more options can also make the decision process more complicated, particularly when rates and fees differ between providers.
AfriConvert is betting that the next layer of innovation in cross border payments will not only be about moving money faster, but also about helping users understand the cost of moving it before they transact.
For Otaesiri, that means putting comparable information in front of users before a payment is made.
The platform does not execute the transaction itself. Instead, it seeks to become the information layer that helps users decide where and when to move their money.
As cross border payments continue to expand, that distinction could become increasingly important for consumers, businesses and anyone whose income or expenses are tied to more than one currency.
Techmoni Africa tracks the Fintech, Web3, and Forex stories defining Nigeria, Kenya, and Ghana. Have a story that deserves attention? Reach our editorial team at info@techmoniafrica.com
