How do I overcome the challenges of doing business in Africa

Question

For those of you guys doing business in Africa, how do you deal with challenges like lack of reliable market research, unclear and ever-changing government regulations and a severely limited foreign currency as well as late payments?

Answer

Your concern is right. There are several risks that includes very significant ones like war, political, disaster and obviously payment default. However, there are many solutions that secure your transactions and your payments, known as warranties, insurances and others. There are solutions for each exportation that have to be properly assessed abd all the risks covered.
Happy to get more details to provide you with accurate details.
Please refer to our website www.comexfi.com
karim B.

Answer

Hi Roy

As per Karim’s comments above you are right to have some concerns doing business in Africa.

However these risks can be mitigated by making sure that the people you are dealing with are who they say they are, have a long and stable history and lastly getting to meet the people you are dealing with so that you can forge a long lasting and honest relationship.

Be under no illusions, doing business internationally is fraught with hazards. You need to cover all eventualities because the last thing you want is to deliver goods and not get paid. In almost all cases, businesses do not release goods until payments have been received.

ParityFX Plc is a specialist FX business that offers unbeatable FX rates. You will be glad to hear that we are VERY active in Africa and in particular, Nigeria. We have deep connections in Nigeria and are very much able to assist you with both the financial aspect of your business (severely limited foreign currency as well as late payments) and key introductions in the local countries. With regard to late payments you need to make sure you have policies in place to cover these risks (as Karim mentioned).

Depending on what markets you are looking to enter, we can happily offer you assistance by introducing you to the “RIGHT PEOPLE”. This will go along way to solving your problems knowing that you are dealing with upstanding businesses.

Please let me know if there is anything we can help with. We would be happy to offer you expertise and FX services.

David Rosenberg
david.rosenberg@parityfx.com
www.parityfx.com
0207 112 1530

Best regards and hope this information helps

Answer

Hi Roy

As per Karim’s comments above you are right to have some concerns doing business in Africa.

However these risks can be mitigated by making sure that the people you are dealing with are who they say they are, have a long and stable history and lastly getting to meet the people you are dealing with so that you can forge a long lasting and honest relationship.

Be under no illusions, doing business internationally is fraught with hazards. You need to cover all eventualities because the last thing you want is to deliver goods and not get paid. In almost all cases, businesses do not release goods until payments have been received.

ParityFX Plc is a specialist FX business that offers unbeatable FX rates. You will be glad to hear that we are VERY active in Africa and in particular, Nigeria. We have deep connections in Nigeria and are very much able to assist you with both the financial aspect of your business (severely limited foreign currency as well as late payments) and key introductions in the local countries. With regard to late payments you need to make sure you have policies in place to cover these risks (as Karim mentioned).

Depending on what markets you are looking to enter, we can happily offer you assistance by introducing you to the “RIGHT PEOPLE”. This will go along way to solving your problems knowing that you are dealing with upstanding businesses.

Please let me know if there is anything we can help with. We would be happy to offer you expertise and FX services.

David Rosenberg
david.rosenberg@parityfx.com
www.parityfx.com
0207 112 1530

Best regards and hope this information helps

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