Kenya’s international trade has exploded in recent years.
Imports surged from $19.2 billion in 2017 to a remarkable $25.5 billion in 2022, solidifying Kenya’s position as the 80th largest trade destination globally.
Exports also saw significant growth, climbing from $6.13 billion to $7.34 billion over the same period.
This rapid growth in trade presents both exciting opportunities and unique challenges for Kenyan businesses, particularly when it comes to making and receiving large international payments in Kenya.
To leverage these growing trade opportunities, Kenyan businesses need more efficient and cost-effective solutions.
How to Send Large International Payments Using KES
While there are more popular ways— like bank wire transfers, M-Pesa and even other digital platforms— you can make international payments from Kenya, there are very few which can be used to make large payments. Most that do exist come with very high fees and can take multiple days to process transactions.
As a business owner, time and money are of the essence. Which is why the best solution for you has to be one that saves you time and preserves your profit margin as much as possible.
And that’s exactly what Cedar Money’s send feature does.
With Cedar’s send feature, businesses in Kenya can save their dollars!
SMES, Incorporations, Importers, Exporters and Businesses in Kenya can pay their suppliers in over 130 countries with the Kenyan shilling while the suppliers receive the payment in their preferred currency.
So, if you’re looking to pay your Chinese supplier from Kenya, you can send the money in Kenyan Shilling and opt for them to receive it in the Chinese Yuan or whatever currency they specify.
How to Receive Large International Payments Using KES
Whether you are an expatriate in Kenya or an exporter with business partners and associates abroad, receiving large international payments in Kenya is now easier, faster and more secure than ever with Cedar Money’s receive feature.
Like the send feature, Cedar Money’s receive feature hosts the benefits of being able to process up to $30,000,000 seamlessly and at T + 1 settlement periods.
With the receive feature, the same rules apply. As a business owner in Kenya, you can receive payments in Kenyan Shilling or whatever currency you prefer from your clients abroad in 24 hours.
Why Kenyan Businesses Rely on Cedar Money for International Payment Solutions
- Cost saving: With Cedar Money, you save costs and maximize profits. Asides Cedar’s affordable fees, you also get to save money when you utilize Cedar’s Rate Alert feature which notifies you when exchange rates hit a preferred target you’ve set. And you can also get $180 when you refer a business to use Cedar Money.
- Fast Transaction Time: With a T+1 settlement period, you can rest assured that you will your payment will be sent and received as planned.
- Improved Cash Flow Management: Paying in the local Kenyan Shilling can simplify cash flow management and reduce the administrative burden associated with foreign exchange transactions.
- Enhanced Supplier Relationships: Offering your suppliers the convenience of receiving payments in their preferred currency can strengthen your relationships and make doing business with you an absolute pleasure.
Ready to see how Cedar Money simplifies cross border trade for you? Start by downloading the Cedar Money mobile app from the comfort of your home via Google PlayStore or the iOS App Store, complete your registration and enjoy global transactions locally.
