Payment issues affect cross-border e-commerce.
The online buying and selling of goods and services across international borders through e-commerce platforms or marketplaces can present many unique challenges for merchants and customers, especially in Africa.
A critical challenge often affecting seamless cross-border e-commerce, which typically involves a seller in one country selling to a buyer in another country on the continent, is payment and currency issues.
Cross-border transactions often require different currencies, and many African countries have restrictions on currency exchange or limited availability of foreign currency. This can make it difficult for customers to pay for products and for businesses to receive payments from international customers.
Jude, an actor living in Nigeria, finds a product he has long been searching for to no avail on an e-commerce website but discovers the seller is in Kenya. He cannot directly pay the seller in their local currency and has to forfeit the product and keep searching for it elsewhere in his home country.
This represents a missed opportunity for both the seller and Jude.
What is Bani’s solution to cross-border e-commerce payment issues?
The solution to payment issues affecting cross-border e-commerce in Africa requires an embrace of digital payment options by businesses to unlock the enormous potential of the growing market.
Bani addresses these cross-border payment issues by providing secure and reliable gateways supporting multiple payment options and currencies.
Mobile money: Mobile money services are widely used across Africa and can provide a convenient and accessible payment option for cross-border e-commerce. These services allow customers to transfer funds using their mobile phones without a bank account. Bani offers low-cost mobile money collections for Zambia, Tanzania, Ghana, Kenya, Rwanda, Cameroon, Senegal, Benin, and Ivory Coast customers.
Cryptocurrencies: Bitcoin, Ethereum, and stablecoins are becoming more widely accepted as payment options for cross-border e-commerce. These currencies offer a decentralised and secure way to make payments, with low transaction fees and fast processing times. Bani provides e-commerce merchants in Nigeria, Zambia, Tanzania, Ghana, Kenya, Rwanda, Cameroon, Senegal, Benin, and Ivory Coast with options for cross-border cryptocurrency payments.
These payment options will allow e-commerce merchants to quickly receive payments in their local currencies from customers across different target markets.
Ultimately, merchants can quickly reach a more extensive customer base and access previously unavailable markets. In contrast, consumers can access a broader range of products and services from merchants across the continent.