LumoXchange, a financial technology (FinTech) money transfer company, announces the nationwide expansion of its innovative money transfer service based in the U.S. The company launched its service in 4 states last summer and has now expanded it service to all 50 states.
Based in Little Rock, Arkansas, LumoXchange is the first company in the world to build a money transfer marketplace where customers can compare exchange rates and send money online. LumoXchange enables its customers to compare exchange rates locally from the leading financial institutions throughout the Gambia. “With our money transfer marketplace, you can get more Dalasis for every Dollar converted versus the likes of Western Union or MoneyGram andour fees are up to 50% less,” said LumoXchange Founder and CEO, Maf Sonko.
Through a strategic partnership with MVB Bank, Inc., LumoXchange is the only Gambian-owned money transfer company that is legally authorized to offer its services in all 50 U.S. states. With a $2 billion bank as its partner, customers get an extra layer of security that their transfers will be delivered as promised. “Although we are a technology company that offers financial services, we felt it extremely important to partner with a strong bank to offer our service across all 50 states and ensure that we remain compliant with U.S. law and regulations,” said Sonko.
In the Gambia, LumoXchange is partnered with First International Bank, Bayba/Trust Bank, Agib Bank. In addition, LumoXchange will soon add RapidTransfer (by Ecobank) to its marketplace. The company also plans to add additional financial services such as cash power and mobile top-up by the end of the year. In addition to its services in the Gambia, LumoXchange also offers money transfer services to Senegal, Mali, Guinea and Ghana with plans to expand across Africa. Customers can send money by visiting www.lumoxchange.com/gambia and new customers can send their first transfer free of charge.
Headquartered in Little Rock, Arkansas, LumoXchange is Financial Technology company that provides a seamless way to comparison shop for the best possible exchange rates and make global payments on a single platform. Through its innovative Local Exchange Networks (LENs) created with local financial institutions in each country, LumoXchange is able to consistently provide global payments with better exchange rates and at a lower cost. LumoXchange is an alumnus of the VC FinTech Accelerator by Empowered FIS. For more information about LumoXchange, visit www.lumoxchange.com
Editor’s Disclosure: The investors in The Chronicle are also shareholders in LumoXchange.