Blog Scaling With WeWire

Thriving in 2024: What finance managers need to know

28th March, 2024 by Diadem Akhabue

Cover Image for  Thriving in 2024: What finance managers need to know

We are at the end of the first quarter of 2024, and it has been an interesting year already. From the bull run in the crypto market to rising inflation in developing countries, the Yemen crisis affecting West African Telcos, and China cutting back on infrastructure investment, 2024 has interestingly followed the predictions that were made. Businesses that will thrive in the remaining quarters of 2024 are those that are smart, study trends, and implement strategies to build resilience.

This is where finance managers come in. In this article, we will explore trends finance managers who want to help businesses thrive in 2024 need to know and how WeWire can help them.

Increased focus on strategic capital allocation

Capital allocation is vital in 2024, especially as Foreign Direct Investment into developing economies dropped by 9% in 2023. This trend means organisations need strategic, deliberate, and thoughtful distribution of financial resources to achieve their long-term goals and objectives. Strategic capital allocation aims to optimise the use of available capital to drive growth, maximise shareholder value, and enhance overall organisational performance. It is an added advantage when you have a bird's eye view of how these allocated financial resources are utilised with tools like the WeWire dashboard that allows you to see assigned roles, create virtual cards for online payments, and track expenses across departments.

Regulatory Changes

In the past quarter, we have seen the Central Bank of Nigeria include new regulations for International Money Transfer Operators, the Bank of Ghana suspend forex licences of some banks, and many other changes. Financial managers are critical navigators in the sea of these ever-changing regulations. They're responsible for staying informed about updates that impact their organisation and ensuring compliance with all relevant laws, reporting standards, and regulations. Effective communication is also crucial, as they need to clearly interact with regulators, auditors, and other stakeholders.

Increased AI and ML Adoption

The financial industry is experiencing a significant shift with the widespread integration of Artificial Intelligence (AI) and Machine Learning (ML). These innovative technologies have already found applications in areas such as fraud detection and investment analysis. As we move further into 2024, we anticipate an even greater uptake of AI and ML, which has the potential to revolutionise investment approaches and reshape financial management practices.

Digital Payments Domination

Since the pandemic in 2020, organisations have been exploring digital-first transactions due to a number of reasons. For cross-border payments, digital payments are faster, more transparent with rates, and more dynamic with currencies because you can make international payments with your local currencies. Platforms like WeWire are the top choices for finance managers because of the rate transparency, extensive payment rails in over 80 countries, and regulatory-compliant processes. These digital payment methods also explore stable coins for cross-border payment, removing the problem of lack of availability of FX.

Thriving with WeWire

At WeWire, we understand the pressure finance managers face to optimise cost, save money and allocate resources efficiently. This is why our system is built to ensure you get the best value for settlement in record time. Through our OTC desk, we advise finance managers who conduct high-value transactions ranging from $5,000 up to $10 million on when and how to make their conversion. We facilitate these transactions in the US, UK, Canada, China, Germany, Nigeria, and many others.

Email us at sales@wewire.com, and let's help you thrive with seamless cross-border payments.

Related stories