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SolarNow Relies on BFX for Efficient Cross-Border Payments

“The service and response time from the BFX team was super fast. I’d get a response in 2-3 hours. The transaction speed is also superior.” – Andreas Rosenau, CFO, SolarNow

The SolarNow team began using BFX in 2016 to handle overseas transactions, as well as payments across their branches in Africa. See how BFX has helped the team reduce transaction time, costs and frustration.

What is SolarNow?

SolarNow provides solar energy and financing solutions throughout East Africa. They’re on a mission to make quality, affordable solar energy widely available.

The team at SolarNow makes frequent transactions between its bases in Uganda and Kenya, as well as overseas, to and from bank and mobile wallet accounts. Before BFX, the team relied on local banks for frequent transfers.

The Problem

The local bank was the only option for cross-border transactions. The service was poor, taking 2-3 days to solve issues or complete a transfer, and payments would often be missed or delayed. As the team makes frequent, small transactions (<$1000), the $18-$20 fees per transaction were adding up exponentially.

“Service was not comparable to Western standards. Using local banks, suppliers frequently face delayed or missed payments. It should get there the next day, but it can sometimes take up to 4 days.” – Andreas

BFX’s Solution

When the SolarNow team switched to BFX for intra-Africa and overseas payments, transaction times were dramatically reduced, and the team saw significant cost savings. By allowing for direct currency-to-currency payments and bulk payouts, BFX allows for more cost-effective, faster service.

The Results

BFX’s customer service proved superior, with a 75% faster response time. Transaction speed is now significantly faster, moving from several days to several hours. Standard $18-$20 fees per transaction have been eliminated, saving the team significant costs on frequent small transactions.

“The cost is much lower compared to our commercial bank. Transactions are made quickly, and the service is unbeatable.” – Andreas

Learn more about how BFX can help your business here!

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