Gigbanc: Virtual Accountant, Exchange Rate, How it Works, Fees and More

Gigbanc is a fintech company, a digital bank, and a neobank for Nigerian entrepreneurs, remote workers, creators, and freelancers. It helps them to facilitate inward remittance into their Nigerian bank accounts from foreign clients and businesses. The company was established in 2023 by Paul Omoregie Okundaye and Babatope Oni. They headquartered it in Lagos with a U.S. presence in Delaware.

Paul, an MBA from Harvard and Ivey Business School, serves as the company's co‑founder & CEO, and Babatope, an engineer trained at Obafemi Awolowo University, serves as the company's co‑founder & CTO. Paul was a former employee at Bain & Company (digital banking strategy) and Microsoft (growth strategy and product entry). Babatope Oni previously held engineering leadership roles at FairMoney and Gokada before helping launch the technical infrastructure of Gigbanc.

Gigbanc is built for African freelancers and digital professionals. The company offers a one-stop financial app that supports multi-currency wallets, foreign virtual account numbers and debit cards, cross-border transfers, foreign exchange, and access to services like loans, insurance, and investments.

Meanwhile, it's important to note that Gigbanc is not a traditional chartered bank like United Bank for Africa or Zenith Bank; it partners with licensed banks and transmitters to offer banking-like services. The company aims to give Africa’s digital talent better access to global financial tools through a smooth, mobile-first platform that allows them to receive money from foreign clients.

Gigbanc Mobile App

Gigbanc mobile app is the company's platform that allows users to access all the company's features, including a multi-currency banking experience and sending, receiving, converting, and managing money globally. If you're a freelancer on Fiverr or Upwork, or you're a content writer on Medium, or Google Ad Network publisher, you can use Gigbanc to receive your payment in Nigeria.

The Gigbanc app is available for download on the Google Play Store—for Android users—and the Apple App Store—for iPhone, iPad, and Apple Watch users. The Gigbanc app aims to bridge the gap between African talent and global financial systems. The main purpose is to make it easier for users to earn globally and spend and save locally.

Features of Gigbanc

Here are all the features you'll get on the Gigbanc App:

1. Virtual Bank Accounts

Inside the Gigbanc App, you'll get four virtual Bank accounts:

1. Nigerian Naira Bank Account (NGN)
2. United States Dollar Bank Account (USD)
3. European Union Euro Bank Account (EUR)
4. Great British Pound Bank Account (GBP)

Upon account registration, you'll be given a virtual NGN account with account number that can be used to add cash to the account. However, your employment information will be required to request for any of the foreign bank account.

2. USD Virtual Card

The Gigbanc virtual USD card is a visa card that's denominated in NGN, USD, GBP, and EUR. Open card creation, you'll be required to select your preferred currency. The virtual card can be used online to purchase products and services from any website that accepts dollar, euro, and pound.

3. Pay Bills

Gigbanc also allows users to pay bills on the mobile app. You can buy airtime, renew your internet connection plan, and pay for electricity and cable TV subscription.

Speaking about the airtime and data recharge, you can use the Gigbanc mobile app to recharge the major service providers in Nigeria including MTN, Airtel, Glo and 9Mobile.

4. Request Money

This request money feature on Gigbanc offers users three convenient ways to receive funds: Send Payment Link, Fund Wallet, and From Other Bank Account. The Send Payment Link allows users to generate and share a payment link to receive money from others.

The Fund Wallet enables users to top up their wallet via a similar payment link. And the From Other Bank provides the necessary account details to receive money through a local bank transfer. Each option is designed to make receiving money easy and flexible, while also catering to different preferences and payment methods.

5. Currency Conversion

The currency conversion tool on the Gigbanc App allows users to convert funds from one account in the multi-currency wallet to another account in the same wallet. For instance, you can convert from NGN to USD, EUR, or GBP, and vice versa.

6. Send Money

Gigbanc allows users to send money through various means including:

• Send to other Gigbanc users.
• Send to bank account.
• Send to beneficiary.
• And recurring expenses.

Meanwhile, it's worth noting that at the time of writing, the "send to beneficiary" and "recurring expenses" features are underway. The status will be updated in this article immediately they're live.

Related: Is Geegpay—Best Alternative to Gigbanc—Legit or Scam?

How to Create a Gigbanc Account

Creating a Gigbanc account is simple. You just need to go to your device's app store to download the finance app, register an account, and start using it. But, there are certain requirements and documents you must meet and submit before the account can be used to perform any transaction. Let's break it down!

Requirements to Open Gigbanc Account

Here are the criteria and requirements you'll need to open an account on the Gigbanc platform:

• First of all, you must be at least 18 years old to use the Gigbanc account.
• You will need to submit proof of your address. But don't worry, your bank account statement can be used.
• National means of identification such as NIN, international passport, driver's license or voter's card will also be required.
• Valid email address and working phone number will also be required.
• An OTP code will be sent to both emails and phone to confirm your identity.
• You'll also need to submit your Bank Verification Number (BVN).

Steps to open an Account

Follow these steps to open a Gigbanc account:

• Download the Gigbanc Mobile app on Google Play store or Apple App Store.
• Install the app and open it.
• Enter your Email, phone and create a Unique password.
• Click on Create an Account and fill in your information such as your legal names.
• Complete your information and proceed to login to your dashboard.

Gigbanc Exchange Rate

As at the time of writing this article, Gigbanc Exchange Rate are:

Foreign to Nigerian Naira (NGN):

• EUR → NGN: 1 EUR = ₦1,780.43
• USD → NGN: 1 USD = ₦1,517.12
• GBP → NGN: 1 GBP = ₦2,037.86

Nigerian Naira (NGN) to Foreign:

• NGN → USD: ₦1 = 0.000634 USD (or 1 USD = ₦1,578.45)
• NGN → GBP: ₦1 = 0.000472 GBP (or 1 GBP = ₦2,120.25)
• NGN → EUR: ₦1 = 0.00054 EUR (or 1 EUR = ₦1,852.40)

FAQs about Gigbanc

Is Gigbanc Legit?

Yes, Gigbanc is legit. Aside from the fact that I personally use this app to receive payment from my Ezoic account, the platform is a registered company under the U.S. government and Nigerian government. The company is operating in both the USA and Nigeria under the name Gig Fin Co. (Gigbanc™), incorporated in the U.S. with regulatory oversight as a Money Services Business by FINCEN and in Nigeria by SCUML.

SCUML stands for Special Control Unit Against Money Laundering. It is a unit under the Economic and Financial Crimes Commission (EFCC) in Nigeria. SCUML is responsible for monitoring, supervising, and regulating Designated Non-Financial Businesses and Professions (DNFBPs) to ensure compliance with Nigeria’s anti-money laundering (AML) and counter-terrorist financing (CFT) laws.

How does Gigbanc work?

Gigbanc works by allowing freelancers, creators, and entrepreneurs to receive international payments from their clients or companies they work with by providing them with USD, EUR, and GBP virtual account number that facilitates the transfer. The neobank also offer a virtual debit card that allows Nigerians to lay for anything online. As for me, I use Gigbanc to receive payment from Medium and Ezoic. I also use the platform's virtual debit card to purchase domains on Namecheap and GoDaddy.

Final Note

Gigbanc is platform like Geepay, Payoneer, and Chipper Cash that allows Nigerians to receive payment from companies they work for abroad. You can use the platform to receive payment from Upwork, Google AdSense, Fiverr, Ezoic, Medium, Facebook, TikTok, YouTube, and any other freelancing platforms that needed a USD account to pay you.

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