Multigate a paytech firm is set to establish a cross-border payment platform that will afford Nigerian agro exporters benefit from African Continental Free Trade Area (AfCFTA).
The CEO, of Multigate, Eghosa Nehikhare said exporters are confronting extremely vulnerable international price volatility, along with fluctuating multiple national currencies.
The Multigate Boss said the AfCFTA has opened the markets for Nigerian agro exports to explore, but cross-border payments were never seamless for businesses to make payments to vendors and suppliers within Africa with ease.
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According to him, Multigate is prepared to introduce new and untapped markets where remittances can provide significant social and economic benefits due to lower transaction costs, coupled with safer and more easily accessible remittance services.
In 2021, remittances flow to low- and middle-income countries (LMICs) was $605 billion more than tripled the total amount of international official development assistance of $178.6 billion.
Nehikhare disclosed that he founded the company after working in the venture capital industry, saying he soon realized that no company provided solutions to the challenges experienced by large corporate enterprises in Nigeria and Africa at large.
He said Multigate would focus on providing financial technology solutions to large enterprise corporates, particularly to simplify treasury management and cross-border payments for these organizations operating in Africa.
Nohikhare said Multigate is the first African fintech to be onboarded to Society for Worldwide Interbank Financial Telecommunications( SWIFT ) to facilitate cross-border payments, adding that SWIFT is a messaging system connecting banks around the world.
He said the products that have been inaugurated by the company will bring new opportunities for efficient cash management, saying through its platform, treasurers can set up an international account with their multicurrency accounts, enabling them to view trading data and manage multicurrency cash flows in a single location.
He said the treasury management solutions explore the benefits of process mining, in which technology mines data to identify process efficiencies, pointing out that apart from multiple currency management solutions for businesses, the organisations were providing a single interface where it can conduct treasury forecasts as well as view all their audits and cash position in real-time.
