Breaking Barriers: The Next Wave of Transaction Settlements in Africa
Globally every business seeks to expand its market by acquiring new customers. However, in Africa stepping out of your country to establish presence in another country is a herculean task and could quash your hopes to the ground.
What seems to be an intractable problem is finally at its end. Sending and receiving payments in Africa is more complex than in the rest of the world. This is because money sent to a country from another country goes through a series of currency conversions before landing in the hands of the receiver.
Imagine this scenario: If Djeneba from Mali wants to make payment for leather shipment from Fatima in Morocco and since there is no direct local (intra-continental) transfer system, Djeneba will have to leverage a bank in the US or EU to convert the West African CFA Franc to either US dollar or Euro before converting it to the Moroccan Dirham. These connecting banks increase complexity and cost of transaction for Djeneba and causes an unnecessary delay to Fatima. While that is ongoing for just a single transaction, thousands of transactions get conducted and closed before Fatima receives her payment. This blocks the potential of rapid growth for Fatima’s leather business and discourage Djeneba to import goods from African countries.
The transaction settlement complexity costs Africa over $5bn in charges every year.
Today the solution to these limitations and unnecessary business complexities is on your fingertip. Settle has woven the fabric of transaction settlements in all the 55 African countries with each payment being a one-way transaction to its destination.
Djeneba will only need to go to the Settle web App and initiate his transaction directly into Fatima’s account in Morocco. Once sent, Fatima receives an instant credit and Djeneba expects his shipment to reach Mali in no time.
Conducting business in 2024 has been made simpler by our grand vision of connecting African countries through a single payment system.
The time to be ambitious with your business is now!!!