Business owners tend to focus on the hard graft of how their businesses will be operating when establishing operations, often forgetting the simple yet crucial tactics and innovations that could really make a difference in a far grander way.
First things first, business is all about minimizing cost of product and service delivery so as to maximize profit margins. This can be done in various ways depending on what part of the world you choose to venture.
Narrowing it down to one of the fastest growing markets in the world, we shall focus on Africa for this particular aspect of information. Many businesses; global and local are looking to tap into the ever yearning market that is Africa.
There are many aspects to consider when attempting to work smarter but with Africa, one of the most crucial pointers is payments – how a business accepts payments from its clients and how they pay out is key. This one aspect can make or break a business.
What do businesses need to know about Africa’s payments
- African payments vary according to country, mobile networks within and legislations by the authorities.
- This means that a business being rigid with one payment mode could end up being stuck once they want to move to the next country because of the difference.
- Nigeria and South Africa are strictly bank controlled money movement economies.
- Majority of Africa uses mobile wallets although each has its own mobile money service provider.
- Card payment systems also have a slight percentage of the population that use them staunchly.
The above shows how diverse Africa is in payments varying from one region to the other.
What is the trick for businesses to work smarter for better results
A little secret that Africa offers is DusuPay – a platform that provides secure, efficient, simple and fast infrastructure to process payments globally with Africa.
Businesses don’t have to worry about incorporating with all the above mentioned payments separately when they can integrate with DusuPay which allows the business to collect and make payments to various countries in Africa.
More about DusuPay – How DusuPay works