Cross-border payment issues have long hindered the growth of Nigerian businesses, with over 4.9 million companies facing challenges in managing international subscriptions, fluctuating foreign currency rates, and complex payment systems. These obstacles, including high transaction fees, limited foreign exchange access, and delays in processing payments, have negatively impacted businesses’ ability to compete globally. The lack of streamlined payment solutions has made it difficult for Nigerian businesses to access crucial digital tools and services.
To address these challenges, Ayode Akinfemiwa has launched Mercurie, a software-as-a-service (SaaS) company aimed at simplifying payment and subscription management for African businesses. Mercurie allows companies to pay for international digital services like Google Workspace, Google Cloud, and other SaaS applications using their local currency, eliminating the need for complex foreign exchange transactions. Akinfemiwa emphasized that the platform consolidates all business-related digital service payments into a single interface, reducing administrative burdens and unlocking cost savings.
Mercurie’s service is set to support a range of international platforms, including Zoho, Digital Ocean, Huawei, and AWS, with plans to integrate these services into its platform in the coming months. This expansion will offer businesses even more access to essential SaaS, cloud, and advertising solutions, enabling smoother and more affordable global transactions. The platform’s design aims to reduce transaction fees, making it easier for African enterprises to access global services while driving both intra-African and international trade.
In addition to the platform’s benefits, the World Bank reports that Africa faces some of the highest remittance costs in the world, with transaction fees averaging between 8-10%. Payment delays often stretch over several days, creating further complications for businesses relying on timely transfers. Mercurie’s solution aims to eliminate these issues by simplifying the payment process and reducing foreign exchange complications, ultimately making global services more accessible and helping African businesses thrive in the global market.
source: business day