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Top 5 Best Payment Platforms to Receive Money for African Freelancers

Top 5 Best Payment Platforms to Receive Money for African Freelancers
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The digitalized global economy presents a plethora of opportunities for Africans as well as people across all walks of life. However, many of these opportunities require cross-border transactions which are often difficult due to currency differences. This difference in currency has become a major challenge for many freelancers and remote workers in Africa, with many working with European companies that use the United States Dollars (USD), Great Britain Pounds (GBP), or Euro (EUR), among others as their currency. This struggle then birthed the question: What are the best payment platforms to receive money in Africa as a freelancer? Keep reading as I’m about to give you the answers to your question.

Top 5 Best Payment Platforms to Receive Money in Africa as a Freelancer

Starting off as a freelancer a few years back, one of my major concerns was how I’d be able to receive my pay once the job was completed. Of course, opening a domiciliary account with local banks is not an option given the kind of documents required and the prolonged process to open one. Then there’s PayPal. Despite being easy to open, it doesn’t support receiving payment in Nigeria, which is the same in many other African countries. These restrictions made working outside of freelancing platforms complicated and almost impossible.

The fact is, it wasn’t a problem only I faced. This is a general problem for many African freelancers and digital nomads. However, over the years, many FinTech companies have been able to provide solutions to this problem. With FinTech companies like Raenest and Grey able to create virtual USD, GBP, and Euro (EUR) accounts for African freelancers, cross-border payment has become a lot easier. While some of these FinTech companies have their coverage areas and limitations, I have been able to compile a list of the top 5 best payment platforms to receive money in Africa as a freelancer or remote worker.

Payoneer

Payoneer is one of the best payment platforms for freelancers, supporting the receiving and making of cross-border payments in more than 70 currencies, including USD, GBP, and EUR. Operating in more than 190 countries, Payoneer allows you to withdraw directly into your local bank at the official rate in your country. This best cross-border payment platform is equipped for easy integration with many freelancing platforms, provides you with bank account information for direct payment, and also an ATM card associated with the account for easy and seamless online transactions.

Features of Payoneer

GeegPay

GeegPay by Raenest is one of the best payment platforms to receive money in Africa as a freelancer. Operating in several African countries, including Nigeria, Ghana, Kenya, Tanzania, Uganda, Egypt, Rwanda, and the Central African Republic, the platform provides a simplified means of receiving payments from the US, UK, and other European countries. With zero conversion fees, you can send your virtual account details to your clients and receive direct bank payments in USD, GBP, and EUR.

Another interesting feature of GeegPay is the flexible transaction fees. But beyond that, the GeegPay virtual card has simplified virtual payments, both local and international transactions. More importantly, you can easily connect your virtual accounts to popular freelancing platforms, such as Upwork, Deel, Fiverr, Freelancer.com, TopTal, and even PayPal and Payoneer.

Features of GeegPay

Binance (Cryptocurrency)

Cryptocurrency is one of the safest and most secure means of cross-border transactions, especially as a freelancer. Binance stands as a top crypto exchange company that allows cryptocurrency exchange transactions using local currencies through the Peer-to-Peer (P2P) service. The top crypto exchange firms allow you to get paid in more than 70 cryptocurrencies, including Bitcoin, Ethereum, and Tether, among others and withdraw directly into your local bank at a competitive exchange rate.

Features of Binance

Skrill

Skrill allows you to get paid internationally from more than 100 countries in over 40 different currencies, including the USD, GBP, EUR, Australian Dollar (AUD), Brazilian Real (BRL), and Indian Rupee (NR), among others. In addition to simplifying international transactions at a competitive transaction rate, Skrill is currently supported in several African countries, including Nigeria, Kenya, South Africa, Botswana, Tunisia, and Congo, among others. Another interesting feature of Skrill is that it equally supports cryptocurrency transactions, allowing you to get paid either in fiat or crypto from anywhere in the world.

Features of Skrill

Grey

Grey (formerly Aboki) is one of the leading African FinTech companies providing solutions to cross-border payments for freelancers and digital nomads in Africa. Founded in 2001, Grey currently supports receiving payments in USD, GBP, and EUR. Their operation is quite similar to Geepay, providing virtual USD, GBP, and EUR account details that can be provided to your employers for direct bank payments or connect directly to your freelancing platform.

With easy conversion and local withdrawals, Grey currently supports over 40 currencies and operates in several African countries, including Kenya, Tanzania, Uganda, Nigeria, Ghana, Rwanda, and South Africa. The rate is equally competitive, with a conversion rate of 1% capped at $6 and 0.8% capped at $10/€10/£10 on every deposit.

Features of Grey

Choosing the Best Payment Platforms to Receive Money in Africa as a Freelancer

Although these platforms have a track record of simplifying cross-border payments and empowering freelancers to work effectively without worrying about getting paid, they also operate on different policies. Thus, it is important to conduct additional research on each of these platforms before reaching a conclusion on which platform to use. Here are some key factors to consider;

Conclusion

The platforms featured in this article are the best payment platforms to receive money in Africa as a freelancer or digital nomad. Meanwhile, there are other platforms that also allow for seamless cross-border transactions and international payments which are not listed here. Thus, it is important to carry out in-depth research on which platform is suitable for you. Additionally, factors like ease of account creation and funds management, fees, and current earnings, among others, should be considered when making a choice. Do you have a preferred payment platform which is not listed here? Do share them in them in the comment section


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