Digital financial service company, P2P Cash, announced on Friday it has launched a new money transfer service from George and South Carolina to Nigeria. The company reported that it now offers cross-border money transfer without any fees.
P2P Cash, which is a division of software technology company Smart Token Chain (STC), reports it transfers funds securely in real-time to billions of bank and mobile accounts globally without any fees. It seeks to accelerate the spread of its affordable financial service offerings, enable consumer or businesses to send and receive global payments securely, conveniently, and cost-effectively.
While sharing details about the new service, P2P Cash CEO, Tom Meredith, stated:
“We are very excited to be adding Nigeria as our seventh remittance destination. We continue to build our ‘Free Money Transfer’ business model as a new industry standard. This is not a promotional offer. We will never charge the transfer fees that other services do. We hope to motivate other services to take this consumer-friendly approach, eliminating unnecessary fees and letting customers send more money home.”
Meredith went on to explain:
“We built a highly efficient system that leverages the widespread ownership of mobile phones, cloud-based data storage, blockchain innovations and a virtual organizational structure to dramatically reduce the cost of delivering money between accounts across borders. We don’t have to charge a large fee on bank-to-bank or mobile transfers because we don’t have to pay intermediaries, nor do we have to cover the expense of bricks-and-mortar outlets.”
He then added:
“We look forward to bringing this new consumer-friendly service to the Nigerian community here in Georgia. Once we establish the value of the service with the Nigerian community there, we can capitalize on its popularity to take the service nationwide.”