In the past 6 years, AZA (our parent company) has helped thousands of people make 1 million transactions in and out of Africa. They come from diverse backgrounds and industries, but they all have the same needs for foreign currencies across borders. makes accessing foreign currencies easier, so that you can focus on what matters most — growing your business! Here are some of the ways that businesses have used us to expand internationally and how you can use BFX too:
Pay your Suppliers
While a number of countries across Africa, like Ethiopia, are working to build out their manufacturing capabilities, import is still a quickly-growing industry. Regardless of whether you’re paying a vineyard in Spain, or an electronics factory in China, you need your goods on time, so you want to make sure your suppliers are happy. We can reduce the amount of time it takes to settle a cross-border payment, meaning you receive your goods faster. BFX even offers volume-based pricing if you make repeat or monthly transactions.
Pay your Salespeople
If you have remote operations in another country, you may not have a registered bank account or ability to access the local currency. Whether it’s consultants or salespeople, they expect that you pay them promptly into the account they want, whether it’s a bank or mobile money account. Many companies, like Be Forward, use BFX to pay their remote workers’ salary, commissions, and fees with just the click of a button. Even though Be Forward is based in Japan, they are able to pay their many salespeople in Uganda with shillings (UGX) into mobile money accounts.
The ability to repatriate funds can be a huge deterrent when considering what new countries to expand to. For example, in 2015 United Airlines had to pull out of Nigeria because of the inability to repatriate funds. In fact, IATA has estimated that foreign airlines have over $575 million in airfare stuck in Nigeria. Because BFX reduces USD dependency and does not use it as an intermediary currency, we are able to help you repatriate your funds within days, not weeks.
Make an Initial International Investment
Are you excited and ready to expand globally? Taking the first step can be scary, from putting a deposit on an office space, to hiring your first employee. For each foreign payment you need to make, you no longer have to wait in long lines at the bank and feel pressure to do all those payments at once. Because BFX is an entirely digital experience, you have control over those payments, and do them at your own pace.
Accept International Payments from Customers
If you have already expanded internationally, to make it easier for your customers, you may want to accept payments in their currency. Using a traditional bank transfer can levy a fee of 40 USD or more, and takes at least a week. If you are waiting to receive a customer’s payment and are holding the goods, you also put yourself at inventory risk. Therefore, using BFX to receive customer payments means reducing your risk and increasing profitability.
To start using BFX for cross-border payments, sign up today. If you have any questions or comments, please talk to us by clicking the chat bubble below. You can also call +254 714 356 461 or +234 908 206 5264.