Frustrated with the available payment services? You’re one of many Nigerians that feel that way. Remote workers in Nigeria spend months trying to find a payment solution that is affordable and highly functional.
If you’re in such a position, we give you Cleva.
Cleva is the new deal for USD account banking. It was founded by Tolu Alabi, a Nigerian entrepreneur.
Overview of Cleva
Cleva is a recently launched African solution. The platform focuses on USD banking. It offers USD account and card creation services, facilitating seamless international payments for numerous customers.
Cleva is not your regular USD account service. The company launched in 2023. This suggests that it utilizes all the best technologies available for cross-border banking. Also worth mentioning is that it is backed by Y Combinator, a top-of-the-class venture capital firm.
| Features | Core offering |
| Cleva | International money transfer, currency exchange, virtual foreign accounts, virtual foreign accounts, USD savings, Naira payouts. |
| Target Audience | Freelancers, remote workers, contractors, startups, businesses. |
| Supported Countries | Nigeria |
| Supported Currencies | USD, NGN |
| Withdrawal Method | Bank transfer |
| Funding Method | Bank transfers and debit or credit cards |
| Fees | Deposit fees |
| Card Services | Yes |
Cleva Exchange Rate
Exchange rates on Cleva are highly competitive. At the time of publishing this article, the rate for USD to Naira exchange stood at N1705 per USD.
Cleva USD Account Fees
| Fees | ACH Transaction | Wire Transactions |
| US Banks | Yes | Yes |
| Non-US Banks | No | Yes |
| Fixed Fee Percent | 0.9% | 0.9% |
| Minimum Chargeable Fee | $1.5 | $10 |
| Maximum Chargeable Fee | $20 | $20 |
Fee for ACH transactions:
All US banks can perform ACH transactions. Also, payments from remote workplaces like Upwork are made as ACH.
For transactions of this nature, Cleva maintains a charge of 0.9%. The minimum chargeable fee is $1.5. On the flip side, the maximum chargeable fee is $20.
Fee for Wire transactions:
All non-US banks are restricted to wire transactions. At the same time, US banks can perform this type of transactions too. The interesting thing with this is it is a more expensive means of transfer.
This is evident in the increased minimum chargeable fee of $10.
It is important to note that Cleva only charges deposit fee. Senders do not have to worry about paying a dime. However, they may want to consider adding some extra amounts since recievers are charged a fee. This reduces the final amount the receiver gets.
Steps in Getting a Cleva USD Account
This section will show you the steps to get your USD account on Cleva. First, visit the Cleva website.
Create an Account: Once on the website, click on the “Create Account” button. This will lead you to a new page. The registration begins here. The required details are: your name, email address, phone number, and password. Fill in these details to move to the next step.
Verify Your Account: A verification email is sent once you complete the sign-up form. Click on the button within the mail to verify your account. Alternatively, you can copy the in-mail link to your browser. Any of the above actions will redirect you to your account, which is verified and ready for KYC.
Complete Identity Verification or KYC: The KYC (know-your-customer) is divided into 3 sections. The first is to provide your personal information. Lots of other information are required here. They include; The second part of the ID process is submitting a proof of address. One of three documents are required. They include a Bank Statement, Government-issued tax statement, or a utility bill.
Create Your USD Account: Passing KYC verification will make your Cleva profile accessible. This allows you create your USD account, change settings, and perform a range of actions.
Click on the “Create USD Account” button. Next, wait for the system to complete your request. You will be greeted with a clear
Availability and Platform Support
There’s a standard contact email for support and enquiries. This can be found at the bottom of the Cleva website. The company also sports a presence on the most popular social media.
You can find them on Facebook, TikTok, YouTube, Twitter, LinkedIn, and Instagram.
Security Features
Cleva is dedicated to filling the gaps left by contemporary payment solutions. One of the ways it accomplishes this is by beefing up its platform security. Here’s what to know about the security features of Cleva.
Partnership with Licensed and Compliant Bodies:
The Cleva team is properly registered. It is also well trained to function in its current capacity as a payment solution.
Cleva is registered as a Money Service Business (MSB). This registration is with the United States’ Financial Crimes Enforcement Network (FinCEN). Its financial partners are licensed US-based companies, helping to facilitate a seamless customer experience.
Two-Factor Authentication (2FA) and PIN:
Customers must exercise due diligence when using fintech platforms like Cleva. In this case, that involves setting up proper account security. Meeting this requirement passes the baton on to the platform, ensuring rounded protection of the customer’s interest.
Two-Factor Authentication: 2FA is a highly effective security measure. However, Cleva users are not mandated to activate it in their accounts before signin. The 2FA security feature works with common apps like Google Authenticator, Authy, etc.
PIN: In addition to the 2FA feature, there’s the option of good old-fashioned PIN. Users can set a PIN for their account and remove it at any time. When set, PIN will be used for authorizing transactions.
Pros and Cons of Cleva
You surely want to know the great and not so great things about Cleva.
Pros
- Capped maximum fee (deposits)
- Zero conversion fee
- Instant Card Issuance
One of the upsides to using Cleva is that their deposit fee has a capped upper-limit. Essentially, you won’t be charged beyond this amount when making a large transaction.
Certain other fintech charge a fee for converting/exchanging USD to any other currency. This does not apply on Cleva.
Cleva also allows for instant creation of virtual USD cards. Once created, the card is immediately issued to the customer. This process is much faster than with physical USD cards.
Cons
- Capped minimum fee ($10 for Wire Transfers):
A capped minimum fee does not favor very low-value transactions. Imagine receiving an ACH transfer of $5 and paying a deposit fee of $1.5.
Alternatives Worth Considering
Cleva is a top pick for anyone looking to get a USD account. However, there are always going to be competitors in such a market. In this section, we highlight platforms that can serve as an alternative.
Geegpay: Geegpay was founded in 2022. Today, the platform has improved considerably. It is also garnering significant popularity among the Nigerian and African remote workforce.
Grey: Grey is another option for accessing a USD account. The platform launched in June 2020. In July 2021, it went a step further by launching virtual international bank accounts. The platform operates around providing inclusive global banking.
Chipper Cash: Chipper Cash is the oldest of these alternatives. Founded in 2018, the platform now serves over five million customers. Chipper was developed with Africa in mind, to provide trusted and accessible financial services.
Final Thoughts
Let’s start with the fees-which is what almost every user considers first. Cleva earns a good point for using a percentage-based fee system. This, typically, means that fees reduce with lower transfer amounts and increase correspondingly.
But that’s the theory of it.
In reality, setting a minimum chargeable fee turns things around. It means that no matter the transfer amount, fees will not go below a certain point. This is disadvantageous for people transacting low amounts of money.
Another thing we want to speak on is Cleva’s popularity. Of course, traffic is one of the ways to make this judgment, as it almost directly indicates user interest.
Traffic occurs in the form of website visits, app downloads and the like. Having said that, here’s what we find about Cleva.
Their website reportedly received 141.3k visits in September. Of these visits, 79.47% appears to be from Nigeria, with 11.16% from the US, 6.91% from the UK, and the remainder 2.46% from a number of other countries.
The Cleva app on Apple Store records 104 downloads. The same app on Google PlayStore records 100k+ downloads. This shows an impressive record of users for a platform that is relatively new.
Frequently Asked Questions
Is there a fee to open a USD account on Cleva?
According to the company website, there is no fee for this. USD account opening is completely free and accessible.
Is there a minimum deposit amount?
Yes. USD account owners on Cleva cannot receive less than $1.5. It may be recommended to keep all deposits above this value.
How long does fund transfer to a Cleva USD account take?
It really depends on the transfer type-and the bank involved. Transfers from US banks take a shorter time to deliver. A wire transfer is quicker when it originates from these institutions.
That said, ACH transactions generally take between 1 to 3 business days. Wire transfers from a US bank only take hours to 1 business day. Lastly, international wire transfer from non-US banks take 1 to 5 business days.
What countries are supported?
Cleva only supports USD account creation for Nigerian users. The platform intends to onboard users from other countries soon enough.
Conclusion
Cleva is a worthy try if you need a new USD account. However, note that for now, it is only available to Nigerians.
