Case studies

    March 23, 2023

    Klasha helps Nexford repatriate funds from its parent company in the US

    Nexford University is a private online university based in Washington, D.C., United States. Nexford offers undergraduate and graduate degree programs in various fields, such as business administration, data science, artificial intelligence, and more. Nexford University aims to provide accessible and affordable higher education to students worldwide through its online platform. 

    The challenge

    Nexford needed a solution to repatriate the local FX collections back to their parent company in the US. 

    Their significant challenges were;

    • Low FX liquidity from the Central Bank of Nigeria. 

    • High FX fees from other sources increased operations costs. 

    • Lack of access to certain currencies

    • Lengthy transaction turnaround time, which was affecting their growth. 

    Klasha has provided us with a flexible yet effective payment platform. We've found the KlashaWire solution extremely valuable and efficient in overcoming FX issues and rapidly remitting payments internationally. With this, we have been able to source FX at a faster and lower rate compared to other providers in the market. The customer service team is also readily available to assist with any questions or concerns. - Fadl Al Tarzi - Founder & CEO.

    The Klasha solution

    Klasha provided Nexford with competitive rates and a quick settlement time of about 24 to 48 hours. Nexford no longer needs to bother about the delayed transaction time, affecting revenue and operations. 

    A dedicated account manager was available to Nexford to help them plan transactions at favourable times. Before Klasha, Nexford had to rely on the Bureau De Change (BDC) in the parallel market, whose fees were high and services unreliable. With Klasha, Nexford found a dependable partner to outsource their payment needs.

    The Results

    Nexford has significantly reduced its FX fees, increased its profit margins, reduced transaction time, and improved the efficiency of its international operations. 

    KlashaWire helps businesses wire money overseas to their partners and suppliers in China, the USA, the UK, Turkey, and over 120 countries using African currencies and money methods. The recipients will receive the equivalent payout in hard currencies like USD, CNY, EUR, GBP,  INR, and other G7 currencies in 1-4 working days.

    You can book a meeting with our sales team to learn more about KlashaWire or any of our Klasha Business Account features that make cross-border payments in Africa more seamless.