Banking

KiaKiaFX Review: Online Naira to Dollar Exchange Platform

KiaKiaFX is an online platform that allows Nigerians to buy and sell dollars from the comfort of their home or office via a computer, smartphone or tablet. It is an online bureau de change and the exchange rate is always at the current black market rate. One of the major disadvantages of Kiakiafx is that it supports only naira to dollar exchange. Exchange to other currencies such as Pounds, Euro, etc is not yet supported on the platform.

If you want to exchange your dollars or buy it and are concerned about getting a fair price, Kiakiafx does all that and also enables you to cut out the stress of queuing in the bank and dragging prices with your local BDC merchants. All prices on the platform are calculated upfront with no hidden charges that enable you to know how much you’re getting before confirming a transaction.

With the persistent dollar scarcity across Nigeria, the service of Kiakiafx is even more vital. With your domiciliary account and dollar card, you can easily make exchanges without needing the physical dollars that are increasingly difficult to come by. This review looks into this and many other features of Kiakiafx such as security, trust, fees and exchange rates, to help you make the best decision when making your dollar/naira exchange.

How Kiakiafx works

If you’re buying or selling dollars on the platform, the process is the same. You will need a domiciliary account and a dollar card if you’re selling.

  • Download and install the Kiakiafx app on your phone or signup to your dashboard via the website.
  • Initiate “buy” or “sell” transaction on the platform.
  • Pay Naira or Dollar into KiaKiaFX’s Designated Local Naira or Domiciliary Bank Account via a secured wallet ID system via the Platform’s multi-channel payment gateways.
  • KiaKiaFX’s automated system bullet Pays Dollar or Naira-equivalent into your Designated Local Naira or Domiciliary Account or third Party Account of your choice.
  • All fees and amounts are agreed upon upfront with no hidden charges and processing fees.

Kiakiafx exchange rates and fees

Kiakiafx has some of the best dollar-to-naira rates in Nigeria. You can always check your transfer details using the onsite calculator to determine how much you will be charged in total fees and the exchange rate pricing for your currency pair. All charges are disclosed upfront without any hidden fees.

Exchange Rates

The exchange rate on Kiakiafx is highly volatile and determined by demand and supply market forces.

KiaKiaFX Naira Exchange Rates: Buying rateSelling rate
NGN/USD760.00800.00
NGN/GBP 830.00930.00
NGN/EUR740.00810.0

Transfer Fees

Kiakiafx does not collect transfer fees. Your bank may charge you transaction fees depending on the amount you are transacting. Kiakiafx makes it money by charging a premium when selling dollars, which is why it does not charge a transaction fee.

What other customers are saying about Kiakiafx

Most customers seem to have a problem with bugs on the app that delays transactions and customer service seems a bit slow at solving customers’ complaints. These reviews are from users of the Android app on the Google play store.

Promise Iwujah Chukwu wrote, “Sets of wicked people, they will pick up your call at initial and will never attend to you, no matter how many times you will call them. I can never use there service again. I’m deleting the app immediately after the send me my naira equivalent. I can this useless app.”

Deborah Obasi wrote, “This app is absolutely great. I am new to FX, but it has really helped me grow. Oh, and whoever that is handling the email is really a life saver. I appreciate the prompt response even with my numerous confused emails.”

Dickson Akwajah wrote, “This app is wonderful. The rates are very competitive but the email response time is a bit slow. I don’t know if I’m the only one facing the problem but it definitely is a problem. Try working on that part. Thank you.”

Is Kiakiafx legit?

Yes, Kiakiafx is a legit and safe naira to dollar exchange platform. The platform is not licenced or regulated by any government agency in Nigeria, the exchange rate is determined by demand and supply at the black market.

The platform is a private business that seeks to satisfy its customers, you should read other users’ reviews before doing business on it. You are responsible for the security of your funds while on this platform.

Are there alternatives to Kiakiafx?

The only alternative to Kiakiafx is to patronize the local street bureau de change merchants in your area popularly called Aboki if you have physical dollars or need them. Some individuals advertize the sale of dollars online but without escrow on a trusted platform, patronizing such individuals can be very dangerous and one can easily get scammed.

Kiakiafx is a trusted dollar-to-naira exchange platform, the only alternative we can recommend for now is to patronize local bureau de change merchants in your locality.

Pros and Cons of using Kiakiafx

Kiakiafx has a 150,000 user community comprising both business and individual customers. Below are some of the reasons why the provider continues attracting users and potential areas of improvement it needs to consider

ProsCons
1. No transaction fees, the platform only charges a premium when selling.
2. An interactive cross-platform mobile app
3.
1. Only dollar-to-naira exchange is available for now.
2. Delay in transaction processing that can sometimes take days to complete.

What type of transfers can you make with Kiakiafx?

Kiakiafx only supports bank transfers. When initiating the transfer, the provider will send you an account details to make a deposit into, and upon confirmation of your transfer, you will also receive a bank transfer equivalent to the amount you want to exchange.

How long will it take to receive money using Kiakiafx?

The length of time it takes Kiakiafx to process your transfer is the total of the time taken during ‘Send In’ and ‘Transfer Out’. On average, the money takes 0-1 day to get to Kiakiafx (Send In). The transfer out takes anywhere between 1-2 business days. In total, your transfer may take 1-3 days to be processed.

What are the best reasons to use Kiakiafx?

No hidden charge: There are no hidden fees when you make a transfer on the platform. It guarantee you a seamless, cashless and safer transaction.

Swiftness: Enjoy the quickest and most efficient online foreign exchange transactions. No more bank queues or visits to your local BDC’s.

Low fx rate: they offer the most competitive rates for your foreign exchange. The rates are market determined and transparently updated throughout the day.

Encryption: highly secured and state of the art servers will ensure all your data is safe and reusable at a go.

Does Kiakiafx have a mobile app?

Kiakiafx unveiled its currency exchange app in November 2019. The mobile app is available on both Android and iOS platforms. Among the app functionalities are:

Transaction Types:
KiaKiaFX has Four unique transaction types to choose from.
Currency Exchange: Buy and sell currency online and get credit in your Local Naira or Domiciliary account.
Fund Wallet: Fund your virtual wallet on the KiaKiaFX dashboard for your future FX needs.
Peer to Peer: Send money to your family and friends on the KiaKiaFX network and stand a chance of earning rewards.
Marketplace: Buy and Sell from other users on the KiaKiaFX platform. Cash out option is available for all your positions.

The KiaKiaFX Advantage:
• Seamless, cashless FX transactions through multi-channel payment gateways
• Competitive FX conversion rates
• Access to your transactional dashboard plus real-time FX rates updates
• No hidden charges
• No bank queues
• Limited paperwork
• One-time registration for all your transactions
• Seamless deposits to beneficiary accounts
• Transactions can be carried out remotely.

Ismaeel

Statistician with interests in finance, risk management, loan products and market surveys. I also write on crypto currencies, Forex and a variety of financial instruments.

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