Geegpay EMI

[yngmind]

Has anyone had any experience with https://geegpay.africa ?

It seems like it's a new EMI for African countries, like Payoneer or Wise. They give US bank accounts in Wells Fargo and cards in USD, GBP, and EUR.

I saw it on youtube, some Nigerian guy is using it for his Paypal accounts.

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[daniels27]

Yes. but the fees are not that cheap for western standards:
https://help.geegpay.africa/en/articles/6382330-virtual-accounts-deposit-charges-on-geegpay

For Africa, I would call it competitive.

 

[EliasIT]

The site cannot be loaded at the moment. I'd say it's not the best option to use if you have outreach every now and then.

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[aniglo22]

EliasIT said:
The site cannot be loaded at the moment. I'd say it's not the best option to use if you have outreach every now and then.
Click to expand...

https://www.geegpay.africa/
You need to add www

 

[EliasIT]

okay so they would need a professional webmaster for their professional banking I think rof/%

Thanks.

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If money is your hope for independence you will never have it. The only real security that a man will have in this world is a reserve of knowledge, experience, and ability!
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[yngmind]

aniglo22 said:
https://www.geegpay.africa/
You need to add www
Click to expand...

Oh damn, I've just noticed, lol

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[aniglo22]

yngmind said:
Oh damn, I've just noticed, lol
Click to expand...

Yeah they messed up their redirect . https://geegpay.africa is redirecting to https://geegpay.africa . It redirects to the same URL so you get the error too many redirects in your browser.

 

[yngmind]

Anyway it was a smart move to create an EMI for 1.4B people continent who struggles with banking.

I wonder if they only accept Africans.

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[Forester]

yngmind said:
Anyway it was a smart move to create an EMI for 1.4B people continent who struggles with banking.
Click to expand...

Yes; regardless of that I think they are neither alone nor the first. Just at this moment I recall Pyypl, e.g.

yngmind said:
I wonder if they only accept Africans.
Click to expand...

Yes, this can be an interesting information. Yet as far as I have checked their webpages, it seems to me that they are really on the beginning of the journey ”“ so anyone who has some other option should probably wait a bit.

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[EliasIT]

Yeah, it is all new to them so it may be better to wait and see how this is going to be.

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[daniels27]

You could reach out to their parent, www.raenest.com maybe they can onboard you?

But generally speaking from how I know Africa and their starup ecosystem, there is a huge demand for such services. About half of all startups are in this sector
https://www.straitpay.com/
https://www.korahq.com/
https://www.getflick.co/
to name a few. Their business in normally only focussed on the African market. I would say that pricing is not competitive with what we have in the western world. They know that and are focussing on selling there.

Most of the time, it works like the western neo banks. You take a couple of SDKs and combine a local KYC SKD with a payin/payout SDK and a face regogniser and then you have an app.

The Geeg and Raenest websites are incredibly buggy, Geeg does not even allow the country selection on Firefox.

The markets all have big issues with inflation and lack of paper money due to the inflation. ATMs are more often empty than not. Combined with ever changing government requirements, there definitely is a market, but I would not consider anything a long-term solution. It is nice to try the banks if you have fun, but probably not something you want to rely for a honest business with an operating period of more than a few years.