The Forex Market is growing astronomically fast in Africa. The Trading wave is just starting to take on momentum on the continent. For the first time ever, We are seeing forex companies like Markets.com opening offices in Africa in the bid to become market leaders on the continent. Despite extending to Africa’s the conversion rate from the continent has been relatively low.
Here is why:
The West and Africa are absolutely different in culture. The general trend from most global businesses extending to Africa is; they imagine that what works for them automatically works everywhere else in the world. This isnt the case most of the time.
When it comes to payments, there is a clear difference between what works in the west and Africa. It is relevant that any business in this space realizes this. The way to tap into Africa is simple. Simply tap into how the locals pay.
Some Forex companies like Tickmill are already extending to Africa this was.
Tickmill integrated Dusupay as the sole payment gateway for Africa. DusuPay integrates multiple local payment modes from all over Africa. This meant that regardless of what local modes of payment (mobile money, bank transfer or Card) are being used, the clients can easily pay and get paid.
I believe that the way to extend to Africa is by tapping into how they pay. With the bulk of Africa being unbanked with less than 5% card usage, clearly Africa has alternative ways of paying. Tap into these varying modes of payment powered by one API