Tech firm unveils online currency exchange platform

CloudWare Technologies on Wednesday unveiled an innovative online currency exchange platform, ‘Sabo.ng’, as a panacea to the difficulty in accessing foreign currencies for genuine transactional purposes.

During a news conference to unveil the platform, Mr Akinmade Akintoye, the Chief Technology Officer of CloudWare Technologies said that Sabo.ng was a solution to the unavailability of foreign currencies.

Akintoye said that Sabo.ng was a secure peer-to-peer currency exchange web platform, created as a succour to Nigerians.

He said that this was with respect to the Central Bank of Nigeria (CBN)’s recent policies aimed at reducing the amount of foreign currency circulating in the country, by restricting access to them.

According to him, on Sabo.ng, an offer listing and acceptance process is used to handle the exchange process.

“Someone who needs to exchange a particular currency for another makes his intention known by listing an ‘offer’ on the platform. The offer states what currency he has and what amount of the needed currency he wants for it.

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“A user interested in this offer indicates interest by accepting the offer. This then begins the exchange process; CloudWare Escrow serves as the intermediary or facilitators between the two parties, to make sure of the integrity of the exchange process.

“Every exchange process initiated is completed within five business days.

However, in the case where the exchange process was unsuccessful due to lack of cooperation from one or both parties, the funds transferred to the CloudWare Escrow coffers will be totally remitted back to the respective owners appropriately, with notifications of the reasons for the remittance,” he said.

Akintoye said that users were able to monitor all the exchanges they were involved in and able to track the progress of each.

He added that the status of an exchange changes as the process progresses, statuses were explanatory words that told the user what stage the process was in.

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“A simple and neat dashboard interface for managing and monitoring initiated exchanges, helpful hints and well structured answers to possible questions, notifications on the progress of exchanges, and an excellent support system and contact centre, all make the experience of currency exchange on Sabo.ng an intuitive and seamless one.

“The platform, Sabo.ng awards reputation scores to every user, in order to ensure that the users who have more numbers of successful exchanges on the platform have higher reputation scores.

“Every successful exchange adds to the reputation scores of the parties involved.

When an exchange process is terminated because of a user, the reputation score of such a user reduces automatically.

“Any user with a streak of consecutively terminated exchanges due to his non-compliance may have his account banned from the platform,’’ the CTO said.

He said that Sabo.ng was a primary source of foreign currency for many Bureau-de-change (BDC) operators, now that the CBN had stopped the sale of foreign currencies to them.

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According to him, the platform also provides an opportunity for BDCs to list their businesses as verified foreign currency providers on the platform, for a fee.

He said that Sabo.ng provided the means for anyone to have access to foreign currencies, anytime and anywhere they wanted it.

“It took the team two weeks to iron out the concept and develop the systems needed to power the platform, and a little over a month for secure development of the platform; altogether, the project took two months to inaugurate,” Akintoye said.

He said that CloudWare Technologies had collaborated with banks to ensure that charges were minimal.

Cloudware Technologies is the innovative developer behind the ‘Ebola Prevention App’ and the ‘Nigeriadecide.org platform’ (an electorate-sourced, election monitoring, online platform).