The COVID-19 pandemic enabled millions of professionals, entrepreneurs, and freelancers worldwide, including in Africa, to seek and engage with international companies and clients.

However, despite this evolution in the nature of work, international payments remain a significant challenge for many in Africa.

7 Ways African Entrepreneurs Can Receive International Payments

Payoneer

Market Capitalization: Over 2 billion USD
Founded: 2005
Headquarters: New York, United States
How it Works: Payoneer provides users with USD and GBP bank accounts, among others, for receiving payments globally. Users need to create an account, complete the KYC verification process, and then share their account details with clients who can then pay for services through the platform. As the account matures and business expands, access to accounts in additional currencies, such as the Canadian Dollar, becomes more attainable.

Stripe
Founded: 2010
Headquarters: San Francisco, United States
How it Works: Stripe offers a seamless payment processing platform that enables businesses to accept payments from customers worldwide. The platform supports various currencies and payment methods, making it ideal for businesses looking to expand their global reach.

TransferWise (Wise)
Founded: 2011
Headquarters: London, United Kingdom
How it Works: TransferWise, now known as Wise, provides a transparent and cost-effective way to send and receive money internationally. Users can hold and convert money in multiple currencies, making it easier to manage international transactions.


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Skrill
Founded: 2001
Headquarters: London, United Kingdom
How it Works: Skrill offers a digital wallet that allows users to send and receive money globally. The platform supports multiple currencies and payment methods, making it a convenient option for international transactions.

Grey: A New Player in the Field

Founded in 2020 by Idorenyin Obong and Femi Aghedo, Grey is a Nigerian fintech startup that has quickly made a name for itself in the international payments arena. Backed by Y Combinator and having raised over $2 million in investments, Grey offers a payment facilitation strategy similar to that of Payoneer.

Grey creates foreign accounts for its users, allowing them to share these account details with their clients for seamless payment processing. With a user base exceeding 100,000, Grey has garnered praise for its favorable exchange rates and efficient services. While currently operational in Kenya and Nigeria, Grey has plans to expand its services to Uganda, Tanzania, and other African countries in the near future.

Continue Reading: https://africafactszone.com/international-payment/