“The concept of forex trading as an investment strategy within itself has to do with the ability to gear one’s position to become one where a small movement in the currency can result in a large gain.”
Once the people of Africa comprehended the above fully, Forex trading became started to boom on the continent in the years that led to 2018.
Nonetheless, Forex trading companies need to also understand the following about Africa when venturing and expanding to the continent.
- Mobile money – Africa has a plethora of telecom networks that handle the mobile wallet payment system. The fact that mobile phones are owned by everyone around the continent regardless of location or background means that sending and receiving money is easy and accessible any time.
- Bank influence is minimal – Africa’s banked population is less than 5% of the inhabitants. Businesswise, those numbers don’t encourage companies to choose banks as their core form of receiving and paying people therefore Forex trading companies are advised not to entirely put their hopes in banks if they intend to penetrate the Forex curious market of Africa.
- Card Systems vs Mobile Wallets – Forex trading companies often make the miscalculation of imposing Africa into using card payment systems. These cards might be operational but the numbers they command aren’t the kind that would lure a business. On the other hand, if the company tailored its services to accommodate Africa’s mobile wallets, good returns are assured.
- Forex trading has started to develop on the continent due to growing interest and the increase in trading companies in Africa. These companies have also learnt that they need to tailor their services to suit how best Africa pays and receives money. The most successful lot such as Tick Mill have resorted to DusuPay for its convenience and efficiency when it comes to moving Forex.
Successful Forex trading companies clearly understood that Africa is a mobile first economy so they have integrated with Dusupay to make it possible for their clients to pay them with or without bank accounts.
Both collections and payouts are available meaning the people on the continent can get paid back and pay using any local mode of payment they are accustomed to.