When you hear words like “remittances” or “cross-border transactions”, you probably picture money flowing into Africa, right? People abroad sending money back home to help their families. But that’s just one piece of the puzzle!
What we don’t talk about enough is how many Africans are actually sending money out of the continent every single day. Whether it’s helping a kid studying abroad, paying for medical treatment, or keeping a business running, these outbound flows are becoming a huge deal.
At Kaoshi Network, we call these folks “Posters” — people who post offers to swap their local currency for foreign exchange. This is the next installment in our “Meet The Poster” series, and we’re diving into why this is such an important trend.
1. Education: Investing in Tomorrow
Did you know over 600,000 Nigerian students alone were studying abroad in 2023? The UK, Canada, and the US are top picks, and let me tell you — those tuition bills are no joke! We’re talking anywhere from £10,000 to £38,000 a year in the UK, depending on what and where you’re studying.
Real Talk: Take Lagos engineer Ade, whose daughter got into Manchester University. When he needed to send her £15,000 tuition, traditional banks would have taken a massive ₦350,000 slice in fees and terrible exchange rates. Ouch! By connecting with other currency swappers through Kaoshi, he saved about 40% of that money. That’s like getting several months of rent for free!
Quick Tip: Planning to send school fees abroad? Start about 3–4 weeks before the deadline. Last-minute transfers can cost you an extra 5–12% in emergency fees. That’s money better spent on textbooks or, let’s be honest, pizza!
2. Health Stuff: When You Can’t Wait
Sometimes local healthcare just can’t handle certain conditions, and families need to look elsewhere. Nigeria alone spends over $1 billion every year on medical tourism (that’s from Business Day, 2023). India, UAE, and the UK are where most people head for treatment.
Interesting Fact: Emergency medical transfers typically cost about 8% more than regular ones, according to a 2022 study. That’s because banks know you can’t wait and charge accordingly. Not cool when someone’s health is on the line!
When it comes to medical emergencies, you need to convert money fast and without the usual hassle. Period.
3. Business & Remote Work: Getting Things Done
Remote work is booming in Africa (we wrote about this recently!), and that means more people need to pay for:
- Those monthly Adobe or Notion subscriptions
- Facebook and Google ads to reach customers
- Contractors or suppliers based abroad
Meet Amara: She runs a small business in Ghana and works with a website developer in Portugal. Before finding better options, she was losing 5–7% on every payment just in fees. Plus waiting 3–5 days for the money to arrive! For a small business, that’s a serious drain.
Pro Move: Try bundling several small payments into one monthly transfer. Those fixed fees hurt less when you’re sending larger amounts less frequently.
This isn’t about luxury — it’s about keeping your business alive and thriving in a global marketplace.
4. Family Support: It Goes Both Ways!
Surprised? Not all Africans abroad are living large! Many are recent migrants, students still finding their feet, or job seekers between gigs.
Money flows both ways — a 2020 study by the Migration Policy Institute found that in 12% of global remittance cases, cash actually moves from the Global South to the North. In Africa, that number is even higher when you count informal transfers.
What’s Really Happening:
- Parents sending monthly allowances to kids studying in Europe
- Siblings helping with rent when someone’s just moved abroad
- Family pitching in to help a relative get settled in a new country
Cool Fact: These “reverse remittances” from Africa to other regions grew by 14% just last year! That’s a lot of people helping out from back home.
5. Protecting Your Money: The Inflation Escape
Let’s be real — inflation hits hard in many African countries. When your money is losing value by the day, converting some of it to more stable currencies just makes sense.
Smart Move: Instead of converting all your savings at once (and risking terrible timing with exchange rates), set up a regular schedule. Maybe convert a bit each month to average out the ups and downs.
Real Example: When Nigeria’s inflation hit a crazy 28% earlier this year, Lagos entrepreneur Chidi started gradually moving business profits into dollars. He protected his hard-earned money while avoiding those ridiculous bank fees.
Who’s Getting This Money?
On the receiving end of every Poster’s transaction is a Poster Beneficiary — the person abroad who’s getting the funds. They might be:
- Your college kid who’s living on instant noodles abroad
- Your cousin who just moved overseas and is job hunting
- That amazing freelancer building your company website
- Your spouse or child who’s still getting financially established
- Your business partner handling international operations
- A relative dealing with visa paperwork and settling-in costs
They’re using these funds for everything from paying rent to buying groceries to investing in their future. And they’re choosing Kaoshi Network because, honestly, we make it easier and cheaper than the alternatives.
More Than Money — It’s About Connection
Every time someone converts naira to dollars or cedis to euros, there’s a real human story behind it. It’s not just about money, it’s about dreams being built, loved ones being supported, and futures being secured.
That’s what Kaoshi Network is all about. We’re not just moving money; we’re helping people move forward in life by making these connections simpler and more affordable.
This season is all about celebrating our Posters and the important role they play. Want to join in? Head over to kaoshinetwork.com and start posting offers today. Your currency swap could be someone’s lifeline!
