Cross-border payments company Cudium is expanding its services to support Nigerian importers in settling invoices with international suppliers. The company's Cudium Business platform enables businesses to fund transactions locally in naira, converting and settling eligible overseas obligations in foreign currencies. This service targets importers, wholesalers, and distributors purchasing goods for the Nigerian market. Cudium's solution addresses a significant challenge for businesses generating revenues in naira while needing to pay international suppliers in foreign currencies.
The inability to settle invoices promptly can significantly impact inventory cycles for import-dependent businesses. Delays in payment can affect production schedules, shipment dates, and the availability of goods for Nigerian customers. According to Cudium's founder and CEO, Adejumobi Abdulrahman, timely payment is crucial for importers, as the next sale often depends on getting the next order paid for. Cudium's platform supports businesses through the payment stage, connecting local funds with international obligations.
Cudium has processed over $1 billion in cross-border payments since 2022, serving destinations including China, the United States, the United Kingdom, India, the United Arab Emirates, and Hong Kong. China is a significant market for Nigerian imports, making payment infrastructure between Nigerian businesses and Chinese suppliers commercially important. Cudium's co-founder and Treasury Lead, Olagunju Sodiq, stated that the company's platform was designed to support companies managing international obligations.
Through Cudium Business, customers can fund accounts locally, convert currencies, and make eligible payments to overseas suppliers in their business names. The platform allows businesses to process international transfers of up to $10 million daily, subject to applicable compliance and transaction requirements. This capacity is particularly important for larger importers with multiple supplier invoices or financing sizeable shipments.
Nigerian businesses involved in international trade face the challenge of bridging the gap between locally generated revenues and foreign-currency obligations. This requires access to foreign exchange and payment infrastructure capable of moving funds across jurisdictions while satisfying regulatory, banking, and compliance requirements. Cudium's role is limited to facilitating the payment component of the commercial process.
Cudium provides payment tracking through a Unique End-to-End Transaction Reference (UETR), allowing businesses to follow qualifying international transfers through the payment process. This visibility is useful for suppliers needing confirmation of a payment's progress before proceeding with production or releasing goods. Businesses seeking to use Cudium's services undergo onboarding and business-document verification before making transactions.
As Nigerian companies continue to source goods and equipment from international markets, competition among banks, fintech companies, and authorised payment providers is likely to centre on transaction speed, foreign-exchange access, compliance, transparency, and payment tracking across borders. For importers, the objective remains ensuring that suppliers abroad receive payment in time to keep goods moving towards the Nigerian market.
Key points
- Cudium's Cudium Business platform enables Nigerian importers to fund transactions locally in naira and settle eligible overseas obligations in foreign currencies.
- The company has processed over $1 billion in cross-border payments since 2022, serving multiple international destinations.
- Cudium's platform allows businesses to process international transfers of up to $10 million daily, subject to applicable compliance and transaction requirements.
