A Nigerian woman, Amaka Obasi, recently lost ₦27,000 in bank fees and unfavourable exchange rates while attempting to send tuition fees abroad, highlighting the growing frustrations many Nigerians face with traditional banks when handling foreign exchange transactions.

Amaka’s ordeal began when she tried to transfer money to her younger sister, who had just gained admission to a university in Canada. Opting for what she believed was the most secure option—her commercial bank—Amaka was met with long queues, tedious paperwork, and, ultimately, a disappointing exchange rate far below market averages.

“I thought, ‘Let me just use my bank, it’s safe, right?’” Amaka said. “Safe, yes. But far from fair.”

By the time the transaction was completed, she had lost ₦27,000 to processing fees and a poor exchange rate—money she described as having “vanished for no reason.”

Her experience is not unique. With tightening regulations and limited access to foreign exchange, many Nigerians face high costs and inefficiencies when sending or receiving international payments through traditional channels.

Amaka’s story took a turn when a friend introduced her to RespectedFx, a digital platform offering foreign exchange services. Initially skeptical, she investigated the company and discovered it was fully registered, offered customer support, and had mobile apps on both Android and iOS platforms.

Later that week, she used the app to send money to a cousin studying in South Africa. The process, she said, took only a few minutes. “No queues. No outrageous fees. And the exchange rate? Way better than what the bank gave me,” she said.

RespectedFx is among a growing number of Nigerian fintech startups aiming to simplify international money transfers for individuals and small businesses. Users like Amaka are increasingly drawn to such platforms for their speed, lower fees, and transparency.

“Everything was clearly communicated—the rates, the fees, how long it would take. Nothing was hidden,” Amaka said. “They talk to you like you’re family. Like they actually care that you’re getting the best deal.”

She now uses RespectedFx regularly, not just to send money but also to receive payments from international clients and assist others navigating the foreign exchange landscape.

Her message to others is simple: “Use RespectedFx. Don’t let your hard-earned naira get swallowed by bad decisions.”

In a country where every naira counts, Amaka’s experience underscores the need for more accessible, transparent, and cost-effective financial services. As traditional banks struggle to keep pace with digital alternatives, platforms like RespectedFx may well represent the future of cross-border transactions for everyday Nigerians.