SUNRATE’s Nigerian Collection Account: Simplify Payments, Grow Your Business

Nigeria is a pivotal hub for businesses seeking to expand within Africa and engage in global payment activities. With its strategic location, vast resources, and growing consumer base, Nigeria presents immense potential for international trade. However, recent changes have underscored the complexities faced by companies operating in this dynamic environment. 

The Nigerian Ports Authority (NPA) recently received approval to increase tariffs by 15%—the first adjustment since 1993. This move has raised concerns among local port operators, who fear higher tariffs will drive up nationwide operating costs and increase commodity prices. For businesses engaged in B2B trade, these developments translate into tighter profit margins, rising operational expenses, and more complicated customs clearance processes. 

In such an environment, localisation has become essential. Localised payment solutions, in particular, play a critical role in overcoming steep tariff barriers and navigating fierce market competition. Efficient collections and payouts can reduce reliance on intermediaries, lower transaction costs, and improve cash flow. 

Recognising these challenges, SUNRATE has enhanced its Nigerian collection capabilities to empower businesses with streamlined, efficient payment solutions. Businesses can now open dedicated collection accounts online under their company’s name, supporting direct collections in Nigerian Naira (NGN). With payments settling in as little as five minutes, companies gain greater control over their finances and can more effectively manage operational costs. 

With SUNRATE’s secure and efficient global collection services, businesses can unlock new opportunities in Nigeria while staying agile in an evolving market.

Key advantages of SUNRATE's Nigerian Collection Services

1. Effortless online account setup

Businesses can set up a collection account quickly and seamlessly, without incurring set-up or management fees.

2. Dedicated name accounts: Each account is created under the company's name, enhancing trust and transparency in transactions.

3. Direct Naira (NGN) Collections

• Currency consistency: Receive payments directly in Nigerian Naira (NGN), eliminating the need for multiple currency conversions and reducing associated costs.

• Fast settlement: Integrated with Nigeria's clearing network, our service ensures payments settle in as little as five minutes, enhancing cash flow efficiency.

4. Partnership with licensed financial institutions

• Regulatory compliance: SUNRATE partners with licensed Nigerian banks, ensuring all transactions adhere to local regulations and international standards.

• Enhanced security: These partnerships ensure payment processes are secure, reliable, and transparent.

Steps to activate SUNRATE's Nigerian Collection Account

1. Account Registration

⇨ Sign up on the SUNRATE platform and complete the necessary verification procedures.

2. Application for a New Collection Account

⇨ Navigate to the "Global Collection" section and select "Apply".

3. Account Application Process

⇨ Select ‘B2B Goods Trade’.

⇨ Choose ‘Nigeria’ from the list of available regions under ‘Account Information’ and provide any required documentation.

Upon successful review, the Naira collection account will be activated, enabling businesses to receive local payments seamlessly.

Looking ahead, SUNRATE remains dedicated to driving innovation in global payment solutions. We will continue to expand our collection services and introduce more collection solutions across key countries and regions. Our goal is to provide robust support for businesses, empowering them to streamline operations and accelerate growth on the international stage.

To get started and partner with a solutions provider that can help your business optimise payments and help you scale both locally and globally, open a SUNRATE account today or contact our sales team.