According to a 2015 study by Accenture, Africa’s growth and attractiveness for business expansion and investment is unquestionable. However, Africa is a still a very complex market, and resource constraints make it difficult for many businesses to achieve profitability. Access to payments is one of the biggest challenges for a business that relies on supplies from abroad.
For example, Spirited Frontier Trading Limited is a Nigerian trading company that specializes in distributing ethanol-based chemicals and spirits in Lagos, handling the overseas and import logistics for the clients up until the product is in the warehouse, ready for sale. The company uses BFX to repatriate funds to its suppliers in New Zealand, Spiritual Spirits, an award-winning Vodka distiller, and South Pacific Ethanol.
Nigeria to New Zealand is not a very common corridor, so searching for the best solution to send funds to its suppliers proved to be an uphill task. Abba Pius, Spirited Frontier CEO attests to this:
“We had to use a number of banks and even parallel market, which was inconsistent and often slow. It could take up to 3 days, but with BFX, it’s done within 24 hours.”
The company discovered BFX after it came highly recommended by a partner exchange in Europe. They have been using BFX for over a year, with the help of the dedicated account management team that is available to process the transactions seamlessly with constant communication throughout the process. This is Spirited Frontier’s favourite part of working with BFX. The speed and reliability at which we deliver our services, in addition to the professionalism.
“We’re able to focus on things like growth. We are planning to add our other suppliers in China and India as we expand our business to those countries.” Abba asserts.
Spirited Frontier makes Nigerian Naira payments through BFX which converts this to Dollars delivered promptly into Spiritual Spirits bank account in New Zealand.
Payments with BFX
With BFX you can make and receive cross-border payments to and from various countries around the world with your local currency. Our goal is to provide unlimited liquidity in both popular and less common corridors, presenting the possibilities of growth for businesses. Expansion to other countries as a small business should not be a hassle. Together we can build local, customised solutions for all businesses, ensuring they tap into the billions of opportunities that are ripe in Africa and beyond.
To make or receive payments with Naira, sign your business up on mybfx.co/register. Our Help Centre contains step-by-step instructions on the transaction process. We are also available during business hours to answer your questions. Call us: +234 908 206 5264 or +254 714 356 461.