Africa’s economic landscape is dynamic and businesses are engaging at scale in cross-border trade. A significant trend we are observing at African Payment Solutions is the surging demand for reliable and efficient cross-border transfers involving local African currencies – often referred to as ‘exotic currencies’. There is increasing demand from large, legit companies and institutions to move their money to hard currencies out of countries like Mozambique, South Africa, Malawi, Ghana, and Nigeria.
The transaction volumes are substantial and require a robust payment infrastructure capable of handling significant flow. These transfers are crucial for various sectors like gambling and sports betting, tourism and travel, oil and gas, mobile telecoms.
Navigating these markets, while promising, involves understanding and addressing specific local requirements and dynamics and navigating internal legal and corporate approval processes across multiple regions.
Successfully facilitating these transfers requires meticulous onboarding processes (KYC/KYB) for partners and clients, careful setup of wallets and beneficiary accounts, and ensuring clear identification for payout routes. We’ve learned the importance of setting up payment beneficiaries in a way that links back to verified documentation, simplifying subsequent transactions. Implementing practices to ensure that payment routes are reliable.
At African Payment Solutions, we are actively working to meet the needs of this increasing demand for simple and effective cross border money movement from these African markets for multinational merchants in a secure and reliable manner.
Contact us on finance@africanpaymentsolutions.com if you have a need for cross border money movement and conversion of funds from exotic to hard currencies.