Nilos comes to West Africa to enhance cheaper cross border remittance

Nilos is an international business-to-business (B2B) payment service provider that's established in 2021 by Raphael Fettaya and Eytan Messika. The payment platform has announced expansion into francophone countries in West Africa.

The company plans on entering the Ivory Coast, Senegal, Benin, and Togo with instant payouts in the West African CFA franc (XOF) on any foreign currencies received using the platform. More so, this will be a mobile money integrated service that will be available for both individuals and businesses in the countries.

Nilos's mission is to simplifies cross-border transactions, most especially for businesses operating in multiple currencies. The platform works by providing unified/combined interface that allows businesses to manage both fiat and crypto payments in one dashboard.

How Nilos expansion will benefit businesses in West Africa.

With the Nilos expansion into francophone countries in West Africa, businesses will now have multiple currencies (USD, EUR and GBP) accounts that can seamlessly be topped up using either local currency, crypto or any of the available foreign currencies.

African Businesses using Nilos will be able to review instant cash out in XOF on any foreign currencies received and make instant payout in XOF. Doing all these, the platform is gradually eliminating the issues of expensive and slow cross-border payments in West Africa.

Notably, Nilos raised $5.2 million in 2022, and introduced new Virtual EU IBANs in 2023. The launched Virtual EU IBANs was targeted at companies dealing with crypto in Europe.

The Nilos's Virtual EU IBANs and the multi-currency accounts will help African companies manage international payments efficiently most especially when dealing with crypto inorder to gain seamless access to European financial systems.

Furthermore, Nilos also has an automated compliance tools in place to simplify authorities regulations and to reduce legal financial risks. The company has also partnered with traditional banks and fintech companies to ensures smooth financial transactions.

So, any African crypto startups, fintech firms, and web3 businesses looking to expand their operations and attract international partners, Nilos may be the go-to platform to achieve the goal.