Why Africa is the next frontier for Forex companies

By January 30, 2018Blog Posts

Business on the African continent is steadily propelling the economy to grow even faster. Countries such as Ivory Coast, Senegal, Nigeria and Tanzania are leading the way in Africa’s economic progress charts, a feat that has put the continent on the map as one of the destinations for successful business in recent years. Many international companies have therefore chosen to establish themselves in the continent, forex companies inclusive.

Forex companies need to acknowledge that Africa is a market ripe for trading due to changing perception of the people that see the relevance of Forex markets and how they can influence this potential laden continent.

For instance, South Africa’s retail Forex market had a $21 billion trading volume in April 2016 which was a huge improvement from the $14 billion traded in 2013 – the volumes continue to grow in 2018 which is a sign to keep forex companies interested and excited about the future.

South Africa is just one among the 54 countries that have embraced the Forex trading phenomenon. Companies are advised to picture a young hungry market that is willing to take on the services they offer – if South Africa alone displays such volumes then one can understand the impact of venturing into Africa as a whole.

Payments that suit Africa’s Forex trading cycle

The Western World differs significantly from Africa in regards to how either likes to pay and accept payments. Most global businesses venturing to Africa assume that what works back home is what will work in Africa.

This isn’t the case because payments in Africa are dominated by mobile wallets that have monopolised the market so much that banks without a mobile wallet provision are rendered useless, showing just how much mobile money services call the shots in Africa.

DusuPay providing a remedy for Forex companies on how to go about Africa’s mobile wallets

DusuPay integrates multiple local payment modes from all over Africa allowing payments to be made regardless of what local payment service therefore enabling clients to easily pay and get paid.

Forex Companies are advised to work with DusuPay and have a wider option to serve their clients without having to change from what they know as a custom form of payment.

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