Klasha Business

    April 10, 2024

    Say hello to multi-currency accounts on Klasha

    We are excited to announce the launch of the multi-currency accounts on Klasha! 

    Klasha's new multi-currency account allows merchants to create virtual accounts in different currencies, such as USD, ZAR, NGN, and more, from the Klasha dashboard. Each account operates as a regular bank account with a unique bank account number. These accounts accept local and international deposits and facilitate outbound transfers across different currencies to various local and global accounts.

    With multi-currency accounts, you can accept, hold, and send money in different currencies to over 120 countries globally. Klasha's new multi-currency account simplifies cross-border transactions and gives businesses a competitive edge by conserving time and expenses linked to currency conversions.

    What are the benefits of Klasha’s multi-currency accounts?

    1. Improved cash management: It enables businesses to segregate funds and manage cash flows more efficiently. They can set up multiple virtual accounts in different currencies for different purposes, such as payroll, expenses, and receivables. This segregation helps track and reconcile transactions, making cash management more streamlined.

    2. Enhanced security: It reduces the risk of fraud and unauthorized transactions. Klasha is PCI-DSS and ISO-270001 compliant, ensuring maximum security for all transactions.

    3. Simplified reconciliation: Businesses can automate the reconciliation process with multi-currency accounts. Each account has unique identifiers, making matching and reconciling transactions with internal records easier. This automation saves time, reduces errors, and improves overall efficiency.

    4. Global payment solutions: Multi-currency accounts offer convenient global payment solutions for international businesses. Businesses can use multi-currency accounts to receive money in multiple currencies. As a business in Africa, you can use your accounts for collections and payouts, collect local and foreign payments, and pay international suppliers in hard currencies in over 120 countries—all from one dashboard.

    5. Expand into new markets quickly and easily.

    What are the features of Klasha’s multi-currency accounts?

    1. Fund wallet: With a Klasha Business account, you can easily fund multi-currency accounts through a direct bank transfer or by converting your NGN settlement balance to any currency of your choice.

    2. Hold multiple currencies: The Klasha multi-currency account enables you to store and hold funds in USD, NGN, and ZAR for as long as your business needs them. 

    3. Reconciliation: Track transactions effortlessly. Reports are real-time and available on the dashboard.

    4. FX transfers: Merchants can easily send funds to over 120 countries from any of the multi-currency accounts. The recipient gets the funds in 1-3 business days.

    5. Wallet statement: The multi-currency accounts provide account statements on demand, so you always have the insights you need to grow your business. 

    Who can use the Klasha multi-currency accounts?

    All types of businesses. From fintech companies, e-commerce platforms, and online service providers to FX traders.

    No matter the size of your business, you can use a multi-currency account to collect local and foreign payments and pay your international suppliers and partners.

    How to fund Klasha's multi-currency accounts

    Klasha’s multi-currency accounts can be funded in a couple of ways. They include:

    • With an NGN account: you can easily convert your NGN balance to USD or ZAR by requesting a payout in any currency. The payout will be sent to your USD or ZAR wallet, depending on your choice.

    • OTC for USD account: This manual option is ideal for enterprise merchants without NGN who prefer to fund their USD wallet directly through international transfers. This method involves a direct transfer to the wallet, usually completed within 1-2 business days. To fund your Klasha USD wallet via OTC, email or WhatsApp us at  +14159933858

    • Bank transfers: Virtual account details are displayed on the dashboard to enable funding through bank transfers for multi-currency accounts. Merchants must transfer funds directly to the displayed account details to fund any multi-currency account.

    How to create a multi-currency account on Klasha

    To create a USD, ZAR, or NGN virtual account on Klasha;

    • Visit dashboard.klasha.com

    • Click on wallet

    • Click on Create new wallet 

    • Select a currency, and voila, you’re ready to get started.

    The Klasha multi-currency accounts simplify international transactions, reduce administrative complexity, and save time and costs associated with currency conversions.