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THE CHALLENGE
Shop Me Away is a Senegal-based eCommerce company, operating for the past 5 years. Shop Me Away was looking to trade XOF for EUR to help pay their suppliers outside Africa. Their major setback when partnering with banks was the long turnaround time for transactions. It took at least 4-8 working days, which meant Shop Me Away couldn’t pay their suppliers in good time.
The banks also charged a high rate, 4% or higher. The Shop Me Away CEO & Finance Manager were overwhelmed by having to call and follow up the different banking institutions each time to find out the progress of their transactions.
THE SOLUTION
BFX enables Shop Me Away to trade XOF for EUR at the best market rate of 2%, which is 50% less than what other financial institutions were charging them. BFX is able to complete the transactions faster, sometimes as quickly as 24 hrs. This has enabled Shop Me Away to pay their supplies on time and also receive their goods in good time. The account management team at BFX proactively keeps the CEO and Finance Manager informed of their transactions as they progress, so they don’t have to keep following up on the status of their transactions.
RESULTS
Shop Me Away increased the number of orders they were able to make with their suppliers. Because they have more SKUs and products, they increased their customer base by more than 30%.
Better rates of 2% (as compared to their previous 4%) means that Shop Me Away is able to increase their revenue by reducing their costs of operations. The CEO was freed up and able to concentrate on expanding their business because BFX account management team handled all the transaction processes and kept his team updated at all times.
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