Customer story: a trading business in Lagos settles with Europe in euros, the same day
A trading business in Lagos receives euros by SEPA, keeps them as euros, and paid ten European counterparties in a single day for €2 a payment.
In brief. A trading business in Lagos receives euros from counterparties in Europe and pays euros back out to European bank accounts. On Storspay the euros arrive by SEPA, stay euros, and leave the same day for a €2 fee on a typical payment.
The customer
A small trading business based in Lagos, Nigeria. It buys and sells with counterparties in Europe, so money moves in both directions several times a week, almost always in euros. It found Storspay through an Instagram ad for trading businesses.
The problem
A Nigerian business that trades in euros usually has two bad choices. A local bank converts each euro receipt to naira on arrival and converts back again on the way out, so the business pays the exchange margin twice. An international wire is slow, costs a fixed fee at each bank in the chain, and often arrives short. Neither works when ten small payments have to leave in a day.
What they do on Storspay
- Receive. Counterparties pay by SEPA to the business’s euro account details. Receiving is free.
- Hold. The money is held as euros. Nothing converts on arrival.
- Pay out. Each payment goes to a European bank account by SEPA, from the euro balance. Because nothing converts, the fee is 0.75% with a €2 minimum on the Premium plan.
The result
On 9 November 2026 the business received three SEPA payments and sent ten payouts of between €100 and €195, all on the same day. Each payout cost €2. The same ten payments by international wire would have carried a fixed fee at each end.
After their first month, the feedback was about speed: money arriving and leaving the same day is what matters most to them. They also asked for two things. First, the payer’s name on every incoming payment, in the email and the export. Second, to send a payment with only a recipient’s name and bank details. Both are being added.
Why it works
The saving comes from not converting. A business that earns and spends in the same currency should never pay an exchange margin, wherever it is based. Storspay holds dollars and euros in the currency they arrive in and only converts when the customer chooses to pay in another currency.
Trade in euros or dollars from Nigeria? See the plans → or request access.
Customer name withheld at this stage. Figures are from the customer’s Storspay account as of 9 November 2026 and are shared in a form that does not identify them. Fees shown are the published fees on the Pricing page.
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