For any business, expanding internationally means new customers, new suppliers, and new opportunities. For small and medium-sized businesses (SMBs) in Africa, competing in today’s global economy requires seamless cross-border transactions from day one. Yet, many African entrepreneurs find themselves held back by complex international payment systems that make scaling beyond borders a challenge.
A recent survey of over 500 SMBs across Africa asked, “What’s stopping you from going global?” The responses were eye-opening:
- 25% cited regulatory and compliance barriers.
- 20% pointed to inflation and currency volatility.
- 25% highlighted taxes and high charges.
- But the biggest hurdle? Complex international payment services.
It’s no surprise. In 2024 alone, African SMBs lost nearly $16 billion due to inefficiencies in cross-border transactions. The impact is huge, but the good news is that solutions exist. As a leader in cross-border payments, Maplerad is committed to helping African businesses navigate these challenges. Here are five ways your business can overcome international payment hurdles and scale globally with ease.
1. Use Multi-Currency Accounts to Simplify Transactions
Handling multiple currencies is one of the biggest challenges for African SMBs. With traditional banks, exchanging currencies can be expensive and slow. Instead, businesses should leverage multi-currency accounts that allow them to; send, receive, and hold different currencies in one place. A Maplerad Business Account lets you operate in 8+ currencies, including NGN, GHS, USD, and more, eliminating unnecessary conversion fees and delays.
2. Leverage Fintech Solutions for Faster, Cheaper Payments
Relying solely on traditional banking methods can be costly and inefficient. Fintech solutions like Maplerad offer faster, more transparent, and cost-effective international payments. With real-time transactions reports, fair exchange rates, and lower fees, businesses can save both time and money while ensuring seamless cross-border payments.
3. Automate Payments to Improve Efficiency
Time-consuming manual payment processes slow businesses down. Automating payments through APIs and digital platforms can reduce human errors and improve efficiency. Maplerad provides powerful API infrastructures that allows businesses to embed financial services in their products, automate payments, streamline payroll, and pay suppliers across multiple countries, all with a few clicks.
4. Utilize Third-Party Licensing Solutions to Overcome Compliance Barriers
Many African businesses struggle with regulatory and compliance hurdles when expanding their businesses to new countries. Instead of navigating complex licensing requirements alone, SMBs can partner with licensed fintech platforms like Maplerad, which provides compliant, regulated payment solutions across multiple regions. This ensures businesses can operate internationally without worrying about regulatory roadblocks.
5. Choose Transparent, Low-Fee Payment Providers
Hidden fees and unfavorable exchange rates can eat into profits. Many traditional banks and payment providers impose excessive charges, making international transactions expensive. Maplerad offers low, transparent fees and competitive exchange rates, ensuring that African SMBs can send and receive payments without losing money to hidden costs.
At Maplerad, we understand a thing or two about the challenges African SMBs face when managing international payments. For years, we have worked to make cross-border transactions fast, seamless, and cost-effective, helping businesses grow without roadblocks. We believe businesses should have full transparency on fees and exchange rates, empowering them to make informed decisions that support their success. Your dream of expanding beyond borders should never be limited by complex and costly financial systems.