Peer-to-Peer platforms, abbreviated as P2P platforms, are digital marketplaces that connect people and enable them to send money seamlessly or among one another. For those living abroad who desire to send money home, these products help you to circumvent the banking system and complete transactions instantly and directly anytime and from anywhere. These are the best P2P platforms to consider in your next transaction.
Top-Rated P2P Platforms For Immigrants
According to Business Insider Africa, in 2023, Sub-Saharan Africans received $54 billion in remittances. These account for 20% GDP in countries such as The Gambia, Lesotho, and the Comoros, as well as more than 10% in Liberia, Cape Verde, and Guinea-Bissau.
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As for Latin America and the Caribbean, $157 billion was sent in 2023, with Mexico receiving $66 billion, with American immigrants sending the largest amounts of money. These are the top P2P platforms to use.
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Chipper Cash
With a 4.5 and a 4.4 rating on the Google Play Store and App Store, Chipper Cash is among the best P2P platforms for Africans globally. It allows users to send money directly to bank and mobile money accounts in 21+ African countries. It has over 5 million users and over 250 thousand transactions daily, and receives good reviews. The pros of this platform are free transactions between members, and minutes to hours. The downside is fees to non-members or withdrawing to bank accounts.
This fintech company was started in 2018 by Ham Serunjogi (from Uganda) and Maijid Moujaled (from Ghana). Jeff Bezos, through his personal venture capital fund, Bezos Expedition, participated in the company’s Series B and C funding rounds in 2020 and 2021.
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NALA
NALA has been in Africa since 2017 and has grown to be one of the best P2P platforms for Africans inside and outside of the continent. Two of their aims are lowering the cost of sending money and offering reliability to users. It’s spread across 18 countries with business hubs in Nairobi, London, and Dakar. Users can send money across the United States, the United Kingdom, the European Union, Asia and Africa. The transactions take a few minutes, don’t charge for mobile money transfers, but charge a small fee for bank transfers, and have a daily transaction limit of 5000 British pounds, depending on the purpose of the transaction, country and account type.
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SendAfrika
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SendAfrika joins the list of the best P2P platforms for Africans and immigrants to use. It connects them to the best foreign exchange liquidity that offers convenience, speed, compliance, cost, and reliability. The platform’s purpose is to provide seamless transactions across a continent that’s fragmented, informal and inefficient by aggregating formal and informal sources. Some of its services include offering a wide range of foreign exchange currency rates, allowing users to change the FX rates. The app is found in the Google Play Store and the App Store.
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PeerPesa
PeerPesa is an African fintech peer-to-peer platform that enables Africans to exchange money in cheap ways. Inspired by three Nigerians, Tolulope Osho, Yusuf Yakubu and Adewale Afolabi, after settling in Canada, it was targeted at Canadian-to-African remittance, but has now expanded globally. Their goal is to ensure safe and secure transactions and remove borders around global payments. Users can send and hold money in different currencies.
“The way we’re looking at remittance is that you should keep on transacting when you move to a new country; If I leave Nigeria for Canada, there shouldn’t be any sort of break in transmission with respect to how I view financial services. I should be able to transact back at home like I really never left,” said Osho.
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PiggyFi
PiggyFi Africa is another P2P platform that immigrants can use to send money. According to the company’s F6S profile, the company is based in Lagos, Nigeria and was founded in 2021. It aims to solve the transactions across Africa, automate peer-to-peer money transfer in and out of Africa, and hold US currency via stablecoins such as the cUSD and BUSD.
Transfer Money Cross-border Seamlessly
Peer-to-peer (P2P) platforms are reshaping the remittance landscape by giving immigrants faster, cheaper, and more direct ways to send money home. In Africa, services like Chipper Cash, NALA, SendAfrika, and PeerPESA are leading the charge
The best choice ultimately depends on the currency and the user’s needs. For immigrants, these innovations mean greater financial inclusion, reduced costs, and more control over how they support their families back home.
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