Case studies

    June 24, 2022

    Efugo Extractive Industry Limited: wiring funds overseas from Africa without limits using KlashaWire

    Efugo Extractive Industry is a subsidiary of Efugo Nigeria Limited that specialises in oil and cake extraction services, working with castor seed, soybeans, cottonseed and groundnut for industrial and retail purposes. They offer value to customers by offering finished products for purchase or by providing extraction services, where customers bring their seeds to be pressed in their well-equipped extraction facilities in Abuja, Nigeria. As an agro commodity and processing company, they produce and export locally made agro products such as crude castor oil, castor cake, crude soya oil, soya cake, and toll milling services. 

    Efugo Extractive struggled with wiring funds overseas from Nigeria due to the policy of low transaction funds and high transaction fees placed on traditional financial institutions. With the use of conventional banks due to this policy, Efugo could not wire large amounts abroad, and funds were not delivered on time to beneficiaries. This setback resulted in production hitches and ultimately affected business processes. 

    KlashaWire has solved Efugo’s cross-border transaction problems. Since the company started using KlashaWire to wire funds from Africa, they have enjoyed seamless international transactions without limits. 

    Sulaiman Sadiq, Chief Operating Officer at Efugo Extractive, said, “We have been using the KlashaWire and Klasha app features, which make it easy for us to make offshore payments without limits, and the system and technology are out of this world. Klasha removed the worry of sending funds outside the country to meet business needs. We can meet up with our loan obligation repayment to our financier outside Nigeria, thanks to KlashaWire. I must also say that the rates are the best, and also using Klasha saves a whole lot of stress (funds sourcing, transfer process and fund security), and I can make my transaction from the comfort of my home.”

    Efugo Extractive’s experience with KlashaWire has been valuable. The company has been able to wire large sums overseas, and settlement time has been no later than 3-5 business days, improving their relationship with business partners and suppliers and enhances business processes. KlashaWire has been a helpful, fast and convenient wire solution that has saved the company time and money.

    KlashaWire helps businesses wire money to business partners, and suppliers in China, India, the USA, the UK, Turkey, and over 120 other countries using African currencies, and they receive the equivalent payout in USD, CNY, EUR, GBP, INR, G7 currencies, and more. 

    You can book a meeting with our sales team if you want to know more about KlashaWire or any of our B2B solutions that help businesses sell seamlessly in Africa.