The company has claimed it is the first platform that enables the users to compare the exchange rates as well as send money. LumoXchange is set to provide the service through Local Exchange Networks, a system comprising domestic financial institutions in the respective countries where it offers its services.
Initially, the platform will be available for payments made to African nations of Gambia, Senegal, Mali, Ghana and Nigeria. Later, the service will be extended to Philippines, one of the largest payment corridor from the US.
The company is expected to align will other companies and partners soon to extend the service to other countries.
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