Klasha makes it easy for KFC to pay its international partners and suppliers
Devyani, a franchisee of Yum Inc, operates KFC restaurants, famed for its fried chicken, hamburgers and milkshakes. Since entering Nigeria, it has become an industry leader offering superior products and world-class services. Devyani has restaurants in Abuja, Lagos, Ibadan, Enugu and Ilorin. The team is working to unlock more cities in Nigeria.
KFC needed a solution to pay their suppliers and their staff in different parts of the continent. The significant challenges were;
Delayed production. KFC needed to pay suppliers on time.
Lack of access to certain currencies.
Lengthy transaction turnaround times. This affected business operations.
High FX fees were eating into their profit margins.
“KlashaWire has made sending funds to partners and suppliers faster and more seamless. The company’s experience with Klasha differs from its previous FX providers as Klasha has not delayed processing and settling its funds overseas, nor has Klasha put exorbitant transfer fees on wire transfers. As a result, Klasha has saved the company time and money by providing a solution to fast and convenient wire services.” Deepak Bhardwaj, CFO.
The Klasha solution
The KFC team created a business account with Klasha in just a few minutes. The team has a dedicated account manager who made it easy to get real-time updates on FX rates. With this, the KFC team could plan their transactions to hedge against fluctuating exchange rates.
Klasha helped KFC to pay their suppliers in local currencies; within 24 hours; and in foreign currencies; within two business days. KlashaWire was a real game changer for the team, who previously had to wait days to get payments across.
With the KlashaWire feature, Klasha has bridged the cross-border gap between KFC and its international suppliers. Now, KFC has access to low exchange rates, a fast settlement time, excellent service and the funds are 100% secure. The use of KlashaWire for overseas funds transfers has also improved their merchant-supplier relationship.
Now the Devyani team can focus on growing its business while Klasha handles cross-border payments.
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.