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Business Profile

Money Transfers

Africhange Technologies Limited

This business is NOT BBB Accredited.

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Complaints

Customer Complaints Summary

  • 1 complaint in the last 3 years.
  • 0 complaints closed in the last 12 months.

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Complaint type

  • Initial Complaint

    Date:12/01/2024

    Type:Service or Repair Issues
    Status:
    Unanswered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    I did a transfer to a friend of mine through the company, the transaction involved changing Nigerian naira to Canadian dollars for a total of $4,000.00 cad. I needed to pay a friend in Canada $4,000.00 but did not have enough Canadian dollars, so I transferred three million, four hundred and sixty thousand naira from my Nigerian bank account into my naira wallet with the company on December 1, 2023 and my naira was converted to Canadian dollars for onward transfer to my recipient in Canada. I got a confirmation that the transfer of the $4,000.00 was done successfully. A little over a month after, the person I transferred the money to reached out to me and said she was not able to receive the money. I reached out to Africhange to let them know that my recipient is yet to receive the transfer that was done by them over a month ago. I was told to give them sometime to look into the transaction and couple days later I saw a notification on their app that the $4,000.00 transfer has been cancelled because there was a problem with the transfer. When the transaction was reversed they paid me back the exact naira amount I paid for the transfer.

    The problem with the reversal is that at the time of the transfer (December 1, 2023) the naira exchange rate to Canadian dollars was eight hundred and fifty naira to one Canadian dollar (N850 - $1 cad) but at the time of cancellation or reversal of the transaction the exchange rate was around nine hundred and forty naira to one Canadian dollar (N940 - $1 cad). Basically the naira equivalent refund given back to me is no longer enough to buy $4,000.00 at the present rate. I explained this situation to the company in several emails and chats but the company insisted that all I am entitled to from them was my initial naira amount. As at the time of the transaction, the transfer was done through E-transfer and there is no way a local Canadian bank will carry out E-transfer in Nigeria naira, my naira must be converted to Canadian dollars.

Africhange Technologies Limited is NOT a BBB Accredited Business.

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