• Thursday, July 25, 2024
businessday logo


Ease of doing business in Nigeria viz-a-viz multi-currency transactions

Ease of doing business in Nigeria viz-a-viz multi-currency transactions

Conversations about the Ease of Doing Business in Nigeria have been on the front burner for several years, with the Nigerian government doing everything within its power to create an enabling environment for small and medium-scale enterprises (SMEs) to thrive.

The efforts of the government at creating a friendly business environment for SMEs are not unconnected with the fact that they are the livewire of the country’s economy. Nigeria relies on business owners across various levels to generate employment and to power an economy that caters to well over 200 million people.

From a lack of access to finance to tedious bureaucratic processes, an unstable exchange rate, and jaw-breaking inflation, Nigerian businesses are not having the best of times. And, according to the World Bank’s annual rankings, Nigeria is ranked 131 among 190 economies in the Ease of Doing Business ranking; a rating that can only be described as poor.

While the implication of an ailing business environment is taking a toll on Nigerians and the country’s economy, it is important to note that this is coming at a time when the country is experiencing a scarcity of foreign exchange, which is very necessary in the case of cross-border business deals.

For instance, Emeka Japan, who is popular for the importation and sales of electronics, cannot get his goods from Japan to Nigeria because there is the unavailability of forex that is needed for payment of goods. This anomaly implies Emeka’s business and other aspects of his life would be affected unless he finds a quick intervention.

Having searched around, he came across Leatherback, a fully regulated multi-currency platform whose effective yet simplified solution enabled him to transact his business deals and get his goods into Nigeria. Once again, Emeka is a happy man. A simplified process of sending and receiving money for global transactions is the answer to the prayer of many business owners in Nigeria who are in dire need of forex to transact businesses globally and get their businesses to stay afloat in the local business environment. Leatherback is making this a possibility.

A multi-currency account with Leatherback is typically an account that allows you to send, receive and hold multiple currencies. This lets you manage payments in a foreign currency instead of opening a new bank account overseas. Leatherback removes complex processes that come with sending and receiving money globally.

With Leatherback’s multi-currency offering, Emeka will no longer be affected by the scarcity of forex that many other business owners are battling with; his goods will arrive on time and his customers will not be disappointed.

Read also: Entrepreneurs say rising input costs is stifling businesses

Why not follow the footsteps of Emeka and let your business heave a sigh of relief by enjoying the awesome benefits made available by Leatherback?

Furthermore, opening domestic and international accounts as well as international money transfers and currency exchange are just a few of the high-end financial solutions that individuals and companies can take advantage of from Leatherback. The technological company provides other services like commerce, lifestyle choices, international banking, and payments.

With a presence in 13 countries, including the United Kingdom, Denmark, Canada, Nigeria, India, Egypt, Ghana, South Africa, Uganda, Tanzania, Angola, the UAE, and Côte d’Ivoire, Leatherback is regulated by the Financial Conduct Authority, United Kingdom, and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

Poised to provide a unique gateway that enables people and businesses to be truly global, Leatherback also aids businesses to realise their full potential by providing services like global payroll processing, virtual and physical cards, and payment gateways to enable international collections.

Leatherback, which deploys cutting-edge technology in delivering its services, is committed to ensuring that businesses attain their full potential and play in the same space as their contemporaries on the global stage. This is why it is ensuring that business owners get access to multi-currency transaction options and transact deals.

Even as the government is playing its part in ensuring that the Ease of Doing Business improves across the Nigerian business landscape, Leatherback has become the light every business needs at the end of the tunnel.

Aliu, a social commentator, writes from Lagos