Cleva

Cleva currently operates in Nigeria, where the Nigerian naira lost 72 percent of its value last year. Similarly, the Ghanaian cedi, Kenyan shilling, and Egyptian pound have experienced significant downtrends. Africans are increasingly seeking access to US dollars to safeguard their income and wealth, yet typical methods of exchange are costly and slow.

Faced with this problem, Tolu Alabi and Philip Adama Abel launched the fintech company Cleva. The company offers its users US-based bank accounts and cards, enabling Nigerian individuals and businesses to seamlessly receive and keep USD. Users can convert their funds into local currency only when needed, and at minimal cost, thus maximizing the value of their money.

Cleva users benefit from a variety of payment methods, which allow them to receive payments into a US-based account via ACH, domestic wire from US banks, international wires from non-US banks, or payments from freelancing platforms. This flexibility significantly reduces the time and expense typically associated with currency exchange and international transfers.

After establishing a solid presence in Nigeria, Cleva intends to expand its operations to other African countries, including Ghana, Kenya, and South Africa, to further support the financial needs of individuals and businesses across the continent.