CASE STUDY
How Onyx use Shiga to Simplify Cross-Border Payments Without an African Bank Account
The Challenge
Onyx, a global logistics company with operations in Europe, America, and Africa, faces several challenges managing cross-border payments in Africa:
THE CONCERNS
Rapid currency depreciation across African countries makes it difficult to manage stable finances.
Moving money between multiple countries and entities is slow, expensive, and risky.
Businesses often lose significant revenue due to fluctuating exchange rates and fees for converting local currencies to global ones.
Managing multiple bank accounts in different countries can be time-consuming and creates unnecessary complexity.
The Solution
Onyx partners with Shiga to streamline their cross-border payments. By using Shiga’s virtual multi-currency accounts—portal in/out, Onyx is able to:
Receive virtual Naira, EUR, USD, and GBP accounts, allowing them to easily collect payments in Nigeria and other markets.
Automatically convert Naira and other local currencies into their preferred global currency and transfer the funds to their main traditional bank account.
Avoid exposure to volatile local currencies, reducing the risk of losses due to depreciation.
Eliminate the need for intermediaries, FX agents, or managing multiple local bank accounts, saving time and money.
The Results
With Shiga’s solution, Onyx experiences:
Faster Transactions: Payments were instantly converted and transferred to their global account, eliminating delays.
Cost Efficiency: Onyx saved money by cutting out unnecessary intermediaries and reducing currency conversion fees.
Lower Risk: They no longer had to worry about currency volatility affecting their bottom line.
Simplified Operations: Onyx significantly reduced the complexity of managing multiple accounts and reconciliations.
HEAR FROM SHIGA CUSTOMERS
Preferred by
individuals
In a foreign exchange market (formerly) dominated by shady and untraceable dealers, Shiga has been a breath of fresh air. SUPER-quick, reliable and traceable payments from a single legitimate source.and
businesses
Shiga has been great at supporting our operational FX needs, including payroll, servicing our events, and more. The process is swift, reliable and smooth.that
care
about
their
finances and
Shiga has been a game-changer for managing our liquidity as a business, especially in the volatile FX market. Relying on a system that essentially automates monthly payments has given us peace of mind.their flexibility
Shiga has been a game-changer for managing our liquidity as a business, especially in the volatile FX market. Relying on a system that essentially automates monthly payments has given us peace of mind.
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