Here’s how businesses in Nigeria, Kenya, Ghana and Morocco can send money internationally with lower fees and fewer surprises.
Key takeaways
- African businesses have three main options for sending money internationally: traditional bank transfers, remittance and money transfer providers, and multi-currency accounts.
- The true cost of an international payment includes the visible transfer fee, the FX markup embedded in the exchange rate, and any intermediary bank fees deducted along the way.
- Bank SWIFT transfers offer the widest coverage but typically the highest total cost. Digital transfer providers are faster and cheaper on many corridors. Multi-currency accounts remove the need for conversion on every transaction when payments are recurring.
- The World Account from WorldFirst lets African businesses send payments in 100+ currencies to 200+ countries and regions, hold balances in 15+ currencies, and pay Chinese suppliers on 1688.com directly through World Pay.
For businesses in Nigeria, Kenya, Ghana, Morocco and other African markets, sending money internationally is a routine part of running a cross-border business. Whether you’re paying a supplier in China, a freelancer in the Philippines, a SaaS provider in the US, or a shipping partner in Europe, the method you use significantly affects how much of the invoiced amount actually reaches the recipient and how quickly it gets there.
This guide covers the main ways African businesses can make international payments, the factors that drive the true cost of each method, and how to choose the right setup based on how often and where you’re paying.
How international payments work
An international payment is more complex than a domestic transfer because two things happen behind the scenes.
Multiple banks handle the transfer: The sending bank and receiving bank usually don’t have a direct relationship, so the payment moves through one or more intermediary correspondent banks. Each one can deduct a fee.
Currency conversion happens somewhere in the chain: Your local currency (NGN, KES, GHS, MAD, ZAR) is converted to the recipient’s currency (USD, CNH, EUR, GBP). The provider handling the conversion applies an exchange rate, and the difference between that rate and the true mid-market rate is where the FX markup sits.
Main methods for making international payments from Africa
African businesses generally have three routes for sending international payments. Each fits a different type of payment scenario.
Traditional bank transfers (SWIFT)
The most familiar route: initiating a wire transfer through your local bank. The bank sends the payment through the SWIFT network, which routes it through correspondent banks until it reaches the recipient’s bank.
Nigerian banks like GTBank, Zenith, UBA and Access, Kenyan banks like Equity and KCB, Ghanaian banks like Ecobank and Stanbic, and Moroccan banks like Attijariwafa and Banque Populaire all offer international wire transfers to virtually every country.
Pros
- Available through the bank you already use
- Wide SWIFT coverage to most countries and currencies
- Suitable for larger transfer amounts and formal transactions
Cons
- Multiple fees stack up: sending bank fee, intermediary bank fees along the SWIFT chain, and receiving bank fee
- FX markups are embedded in the bank’s exchange rate, often 2% to 5% wider than mid-market
- Settlement typically takes 3 to 7 business days
- Recipients often receive less than the invoiced amount due to correspondent bank deductions
- Documentation and compliance requirements can slow processing
Money transfer and remittance providers
Money transfer providers are specialised cross-border payment services focused on moving money internationally. Traditional providers use physical agent networks alongside digital channels; more recent digital-first providers operate entirely online.
Most transfer providers use local payment rails or their own settlement networks at both ends of the corridor rather than routing through SWIFT. This typically means faster settlement and clearer pricing than a bank wire.
Pros
- Faster settlement than SWIFT on many corridors, often within hours
- Fees and exchange rates are typically shown upfront before you confirm the transfer
- Multiple funding options (local bank account, card, mobile money in some markets)
- Recipient options include bank deposit, mobile wallet or cash pickup depending on the provider
Cons
- Fees and rates vary significantly by provider, corridor and payment method
- Per-transaction limits apply, particularly for consumer-focused providers
- Not all providers support B2B invoicing workflows
- Coverage varies by country and currency pair
Multi-currency accounts
Multi-currency accounts hold balances in more than one currency in a single account. For businesses making regular international payments, this changes the cost structure significantly. Instead of converting local currency to the recipient’s currency on every transaction, you hold the balance in the recipient’s currency and pay directly from it.
For example, a Nigerian business paying regularly to US suppliers can hold USD in the account, then pay each invoice in USD without triggering conversion at the point of payment. Conversion happens once, when you top up the balance, and you can choose the timing based on favourable exchange rates.
Pros
- Hold funds in the destination currency, avoiding conversion on every transaction
- Local receiving details in supported currencies also make it easier to receive international payments
- Competitive FX rates when conversion is needed
- Fully online setup and management
- Suitable for recurring payments and B2B invoicing workflows
Cons
- Currency coverage varies by provider
- Not a full commercial banking replacement (no lending, trade finance in most cases)
- Regulatory access to specific African markets varies by provider
How to reduce fees on international payments
A few practical steps that make a measurable difference for African businesses making regular international payments:
- Consolidate smaller payments: Multiple small transfers each incur fixed fees. Where possible, batch payments to the same recipient into fewer larger transfers.
- Compare the true cost, not the headline fee: Look at what the recipient actually receives after all fees and FX markup.
- Hold foreign currency for recurring payments: If you pay the same currency regularly, holding a balance in that currency through a multi-currency account removes on-the-fly conversion.
- Use local payment rails where available: Digital providers using ACH (US), SEPA (EU) or Faster Payments (UK) at the destination are typically faster and cheaper than routing through SWIFT.
- Time conversions when rates are favourable: For businesses with predictable payment schedules, converting during favourable rate windows and holding the balance can protect margins over time.
- Set clear payment terms in supplier contracts: Specify who bears the transfer fees (OUR vs SHA vs BEN in SWIFT terminology) so payment expectations are clear on both sides.
How WorldFirst supports international payments from Africa
The World Account from WorldFirst is a multi-currency account designed for cross-border businesses. For businesses in Nigeria, Kenya, Ghana, Morocco and other African markets making regular international payments, the account addresses several of the cost and complexity issues above from a single online platform.
Key features of the World Account
- Send payments in 100+ currencies to 200+ countries and regions from one account, covering all major supplier and contractor destinations
- Hold balances in 15+ currencies including USD, GBP, EUR, CNH, AUD and CAD, so recurring payments can be made in the recipient’s currency without conversion at the point of transfer
- Competitive FX rates on currency conversion, shown and confirmed before conversion runs
- World Pay for 1688.com, the authorised international payment provider for 1688.com, letting African businesses pay Chinese wholesale suppliers in CNH directly without opening a Chinese bank account
- The World Card, a Mastercard-powered business payment card supporting payments in 150+ currencies with no fees when paying in any of the 15 supported currencies (with sufficient balance held in that currency). Useful for paying SaaS subscriptions, ad platforms and smaller B2B invoices. Up to 20 cards per account at no additional cost. Cashback on eligible spending (Terms and Conditions Apply).
- Xero and NetSuite integrations for automated reconciliation of international payments
- Zero fees on account opening, holding balances and receiving funds
This article is intended for informational purposes only and does not constitute legal advice or professional advice. This article should not be regarded as constituting an offer or a solicitation to buy or sell any regulated or financial products or services. WorldFirst makes no representations or warranties regarding the accuracy, completeness, or applicability of the content, and readers are encouraged to consult with legal professionals or other professionals for advice tailored to their specific situation. WorldFirst does not guarantee the accuracy and completeness of this article and expressly disclaims any and all liability to any person in respect of the consequences of anything done or omitted to be done wholly or partly in reliance on this article.
