Loughborough Alumni

News

15 Jul 2021

Currency exchange platform secures Alumnus Benjamin top Innovation award

When Benjamin Ndubuisi came to Loughborough University London to study from Nigeria in 2015 he found he was faced with a problem.  It was difficult to transfer currency quickly and securely from home to the UK. 

He set about innovating to address the issue and a brand-new secure currency exchange platform, VING.AI was the result. It is specifically designed to support the African community exchange funds with fellow Africans.

The monetary exchange takes place via an escrow engine, allowing individuals to find a match and safely exchange currency at mutually agreed rates.

Benjamin explains:

“For example, Mr Kayode who works in KPMG in London can exchange £1000 with Mrs Chukwu in Nigeria, whose daughter is doing a degree in Newcastle. VING.AI achieves this by receiving both payments into local currency escrow accounts. Once both funds are received, they complete the transaction. Currencies from both ends are crowdsourced and stay within the source country, avoiding international transfer wait times and high fees.”

Earlier this year Benjamin received a Young Innovators Awards 2020/2021 from Innovate UK for his idea.

The award recognises young people from across the UK with great business ideas who have the potential to become successful entrepreneurs and future leaders in innovation.

The Young Innovators programme is a partnership between Innovate UK and the Prince’s Trust.

Benjamin received the award for his innovation. 

Benjamin studied for an MSc Entrepreneurship and Innovation Management at the London campus. He currently works for British Telecom and continues to develop his currency exchange platform. He was one of five alumni who recently took part in an online panel event to discuss Innovation with the University’s alumni community and current students.

Visit www.VING.AI for more information on Benjamin’s innovation.

Find out more about #LboroInnovation

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