Situation
A pan-African group, licensed in the finance industry, transacting in multiple currencies with clients that are states and state-owned companies across Africa.
Industry
Financial services
Company size
Large — circa EUR 100 million of annual turnover — 120 staff
Every payment to financial intermediaries in Europe required converting XAF to EUR — a process that was both expensive and slow, eating into margins and stalling operations that depended on timely settlement.
The group was paying average fees of approximately 10% on XAF/EUR conversions, while each transaction could take between six and eight months to complete. With no foreign bank accounts available, it could not pay European financial intermediaries directly. The profile of its clients and counterparties also created significant compliance requirements for every proposed banking relationship.
Conversion execution time reduced from 6–8 months to within a week
Foreign bank accounts established in Mauritius and the EU
European intermediaries paid directly through faster cross-border routes
