34% of reported digital financial crimes in Africa, are attributed to identity theft resulting in $4 billion in losses for businesses in 2023, INTERPOL . Nigeria saw N52.26 billion lost to fraud in 2024, four times what was lost four years earlier.
FX risk is a natural part of doing business across borders, but it doesn’t have to stand in the way of your growth. So, even as it can affect profits, cash flow, pricing, and even long-term business decisions, with the right understanding and tools, these risks can be managed effectively.
Cash and cheques were once king, but their opportunities are limited with international payments. Digital payouts remove the barriers so businesses can grow and function more efficiently. Thankfully, many small and growing businesses have been adjusting to this new technology.
While digital payments have grown immensely over the past few years, challenges still abound for many African businesses. Some struggle with high transaction fees, exchange rate fluctuations, concerns about fraud and cybersecurity, and many more. This guide explains not just the barriers but also how to overcome them and scale your business.
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