By Naomi Uzor
BitPesa, Nigeria’s cross-border payments platform and treasury solutions, yesterday, assured key players in the financial market, investors and SMEs value-chain, including importers and exporters of access to foreign currencies to boost their business expansion network in the country as general elections draw nearer.
The company also stated that it was committed to protect investors’ investments from losses that stem from forex exposure amid micro-economic concerns for business environment during and after the general elections in order to navigate the uncertainty about the Naira.
Chief Executive Officer and Founder, Elizabeth Rossiello, made these known at the company’s executive forum on future of finance in African frontier markets in Lagos.
Rossiello explained that the company has been operating in Nigeria since 2015, and completed thousands of transactions within and outside Africa, in a bid to help key businesses access foreign currencies towards expansion of their operations with ease.
She said that BitPesa was a renowned cross-border payments platform and treasury solutions providers that was known for doing cross border business by helping to send and receive payments in business transactions around the globe by significantly increasing the speed of sending payments.
According to her, the company has presence in many African countries and it is targeting Nigerian businesses involving in forex in a bid to make their business easier.
Speaking on the theme of the event, titled: ‘Beating the volatility: Preparing for the election economy,’ the founder of BitPesea explained that since 1999 democracy came to stay in Nigeria, elections have been known to bring uncertainty in macroeconomic business ecosystem, particularly volatility, which consequently affected availability of forex in the foreign exchange market, thereby causing stifling in growth of businesses and the economy in general.
“Since the introduction of democracy in Nigerian Federation in 1999, elections have in various degrees caused robust forex headwinds on the economy which often led to scarcity of foreign currency, namely; US dollar in the parallel market.
“We have it on good authority that investors lost almost N700 billion to the economy in just three months after the general elections in 2015. The Central Bank of Nigeria also recently injected about $200 million into the economy to ease the dollar scarcity. But it doesn’t help ease the demand for dollar, therefore, increasing the price for dollar exchange at the black market,” she said.
She noted that there was need for investors and Nigerian businesses to be wary of the forthcoming general elections, especially in the areas of business volatility and negative impacts it could face during the election and need to finding solutions.