SFx Money app

SFx Money is a USDC and USDT-powered neobank designed to eliminate the cost and friction of cross-border money movement for African diaspora communities, international students, freelancers, and small businesses operating across Africa, Europe, the United States, and the United Kingdom.

The Problem It Solves

Traditional cross-border payments in African corridors are slow and expensive. Remittance fees typically run between 4% and 12% of the transfer amount, and transfers can take 48 hours or longer to arrive. For migrants, students abroad, and freelancers earning in foreign currencies, this overhead represents a significant and recurring tax on every transaction.

SFx Money replaces that infrastructure with stablecoin rails. By holding value as USDC or USDT and integrating directly with local banking and mobile money networks on both ends of a transfer, SFx delivers transfers that complete in seconds with zero transfer fees. A transfer that once took two days and cost double digits in fees now arrives in minutes at no cost to the sender.

How It Works

SFx Money functions as a multi-currency digital wallet. Users fund their SFx account by depositing USDC or USDT from a supported blockchain network, by linking a bank account, or via mobile money. Inside the app, they can hold balances in USD, EUR, GBP, or NGN. From there they can:

• Send money directly to recipient bank accounts in 20+ countries
• Transfer peer-to-peer using a recipient's SFx username
• Spend globally via a virtual Visa card accepted at over 150 million merchants worldwide
• Convert between currencies at competitive rates

The Visa card accepts USDC, which gets converted to local currency at point of sale, making the wallet usable wherever Visa is accepted without requiring the recipient to hold crypto.

Solana Integration

SFx added Solana network support for USDC and USDT deposits and withdrawals in February 2026. Users can now choose Solana as their preferred blockchain network when funding or withdrawing from their SFx wallet, benefiting from Solana's high throughput and near-zero gas fees.

Solana joins a multi-network suite that already included Avalanche, Polygon, Arbitrum, Base, and Optimism. Offering multiple network options lets users pick the chain that best fits their cost and speed preferences — a meaningful choice for users in regions where gas-fee sensitivity is high or where a particular network is already embedded in local crypto infrastructure.

Features and Accounts

In March 2026, SFx launched foreign currency accounts, allowing users to generate USD, GBP, and EUR account details directly within the app. This enables international payments to arrive as if deposited into a local bank account in those currencies, removing friction for freelancers paid in foreign currencies and businesses receiving international revenue.

Supported geographic coverage spans over 20 countries, including Nigeria, Ghana, Tanzania, Kenya, Uganda, Zambia, the Democratic Republic of Congo, Cyprus, Turkey, and the United States, European Union, and United Kingdom. The platform originally launched focused on the Africa-Turkey corridor — a route where large Congolese expat communities in Cyprus send money home to the DRC — before expanding into a broader Africa and global diaspora product.

Team and Company

SFx Money is built by Sora Financial Technology Inc., incorporated in Delaware, USA, with an additional office in Samsun, Turkey. The company was co-founded by Martins Chiwenyte Chidume (CEO) and Muqaddas Kolawole. Both founders experienced the frustrations of cross-border finance as members of African diaspora communities, and built SFx to solve the problem they lived firsthand.

The company was selected as part of Circle's 2026 Developer Grant cohort — one of roughly eight teams globally awarded the grant for building stablecoin-native financial infrastructure addressing real problems across Africa and the Global South. That recognition specifically cited SFx's work as "a USDC neobank built for the African diaspora."

Compliance and Security

SFx is registered as a Money Services Business with the Financial Crimes Enforcement Network (FinCEN) in the United States. For identity verification and anti-money laundering compliance, the company partnered with Sumsub in October 2025. The integration brought KYC coverage across Nigeria, Uganda, Tanzania, Kenya, and other African nations — including verification methods designed to be inclusive of users without traditional documentation. AML screening runs against global sanctions lists and high-risk classifications.

Traction

As of mid-2026, SFx Money had over 8,800 active users and had processed approximately $11 million in transaction volume over the preceding twelve months. The app holds a 4.8-star rating on the Google Play Store. The project has also established a partnership with Web3_Ogun to build blockchain education programs within Nigeria's student tech ecosystem, signaling a community-building strategy alongside product expansion.

Why It Fits the Solana Ecosystem

SFx Money's use of Solana is practical rather than native: it is one of several networks users can choose for on-ramping and off-ramping USDC and USDT. That pragmatic multi-chain approach reflects the product's primary audience — diaspora users who may not be deeply embedded in any single blockchain ecosystem but care about fast, cheap stablecoin movement. Solana's near-instant finality and minimal fees make it a natural fit for that use case, particularly for users in markets where cost sensitivity is high and user experience expectations favor speed over complexity.