Tranzfar, a payment solution provider, on Wednesday unveiled a ‘freedom account’, a technology-backed payment application that enables remit of foreign currency directly into accounts from Africa.

The Chairman of Tranzfar, Mr. Bankole Eniola, said during the unveiling in Lagos that the initiative allowed Nigerians to open and manage their own United Kingdom(UK) foreign accounts for instant payments and direct debits across UK bank accounts.

Also, the Chief Executive Officer, Tranzfar, Mr. Ryan Romeo, said that the ability of the platform to remit foreign currency directly into foreign accounts makes it easier to pay overseas school tuition, accommodation, and maintenance of cost bills within the United Kingdom.

The freedom account, according to him, offers opportunities for Nigerians that work remotely for foreign organizations to get their salaries easily in foreign currencies.

He said it ensured the safety of funds and had all necessary direct approvals from all regulatory bodies in the UK and all jurisdictions where it was operating.

The Chief Financial Officer, Tranzfar, Mr. Olusiji Sanya, said that Nigerians could make payments in Naira and funds would be delivered in pounds sterling into a UK bank account.

He said that Tranzfar had been in operation for the last five years and remained a two-way payments service provider between foreign accounts and local jurisdictions.

“With a freedom account, people can fund their foreign accounts from Nigeria, Ghana, Kenya, New Zealand, USA, and European Union countries,” he said.

Freedom accounts have subscription fees ranging from monthly, quarterly to yearly on www.transfar.com/freedom.