Global Account 
FX The challenge
With Kenya being their largest market, WestCon Comstor’s main challenge was the scarcity of USD impacting foreign exchange.
While their clients use local currencies for day-to-day transactions, the need to convert these funds into USD to make payments to IT companies created a significant barrier. This currency gap not only added complexity to their payment processes but also exposed their business to volatility in the exchange rates, impacting overall operational efficiency and financial planning.
The Solution
New, global accounts
To address the challenges of foreign exchange and payment processing, Verto provided WestCon Comstor with Global IBAN accounts, enabling them to efficiently collect, hold, and convert funds from their clients across Nigeria and West Africa.
These accounts supported multiple local currencies, including:
NGN (Nigerian Naira)
XOF (West African CFA Franc), and
XAF (Central African CFA Franc).
In addition to streamlining their payment process, Verto's competitive foreign exchange rates offered WestCon Comstor a significant advantage over their competitors, ensuring cost-effective and seamless transactions across regions.
Conclusion
By partnering with Verto, WestCon Comstor was able to overcome the foreign exchange challenges posed by USD scarcity in the African market. Verto allowed them to have Global IBAN accounts - giving them the ability to collect, hold, and convert local currencies from clients in Nigeria and West Africa.
Verto streamlined WestCon Comstor’s payment processes, reducing the complexities of currency conversion and ensuring smooth operations.