Thrivesend can, by all right be likened to WhatsApp; it is the WhatsApp of FinTech solution for electronic money transfer services.
The Nigeria-based Thrivesend is a fairly new money transfer service that allows anyone Visa, MasterCard, or Verve card to send money to any Nigerian with a verified bank account. As it works out, you simply go online to their secured website, specify the amount of money you would like to send, enter the payee (receiver of the money) card details and hit send.
Note, you do all that without the need for ever creating a user account and login details. You never have to log in to use the service; just like you never have to log in to WhatsApp to use it.
Thrivesend is not exactly a new money transfer service to roll into the Nigerian market. It has been running for a while now; on a pilot basis. Previously, users could send up to a maximum of ₦10,000, but with the official launch of the service, the cap is now set at ₦100,000. Users pay a flat fee of ₦45 per transaction irrespective of the amount of cash they are sending. The service is secured.
Thrivesend has been officially launched by Ventures Garden Group (VGG), the biggest FinTech investment holding company in Sub-Sahara Africa. An interesting twist given the last time Thrivesend made headlines, it was Flutterwave company that was launching the service.
That development could only mean two things; VGG has bought off Thrivesend from Flutterwave. It could also mean VGG has always been behind the company, with Flutterwave being a partner who carried out the pilot phase of the program. Thrivesend is using Flutterwave’s PCI-DSS certified technology and infrastructure.
Nonetheless, the service is now up and running. Nigerians can enjoy sending money to and from each other conveniently, fast, and affordably. Nigerians have the options of using the site, Android app, and the iOS app.
“Remittances accounts for a huge portion of sub-Saharan Africa’s GDP, but even with over $30 billion coming into Africa – and a significant fraction of that coming to Nigeria – the cost of sending money home is expensive,” said VGG’s CEO, Bunmi Akinyemiju.
“More so, very few local players are offering an affordable service compliant with CBN’s regulations. Leveraging Flutterwave’s Technology ensures that we are able to provide home-grown, affordable, compliant, and secure solutions for Nigerians in Nigeria and the diaspora.”