A 2015 research from the International Trade Center on International Ecommerce in Africa shows some of the difficulties with international banking transactions. It highlighted the restrictions placed on the amount that can be transferred across borders, the inability to use foreign credit cards in certain African countries and the lack of requisite foreign bank accounts to allow an integrated payment solution. All these and more are a concern, considering we are in the modern age with improvements in technology, where digital payments are considered basic in more developed countries.
The founders of Flutterwave– Iyinoluwa Aboyeji and Olugbenga Agboola– thought about these challenges and how to make the modern payment system available and accessible to African countries. But how do you tackle such a challenge when only about 3% of Africans reportedly own a credit card?
In an interview with CNN, Aboyeji has this to say “We’re peering 15-20 years into the future and saying, ‘What do we have to do to save the world?’ When you have a situation where a majority of people who live in the world are excluded from the new prosperity of software, that’s not good for the future of the world.”
The Story So Far…
Since its inception in 2016, Flutterwave has grown to be one of the best digital payment platforms in Africa and has partnered with over 50 African banks and 1,200 developers that build on the platform. They have also processed $2.5 billion in payments, 100 million transactions and have raised over $20 million in investments.
Rave was founded in 2017 as an easy way to make and accept payments from customers anywhere in the world, with secure and reliable tools. Rave allows businesses to accept a range of payment methods in their local currency from customers across the world.
Barter was founded in 2019 to help clients focus less on how to spend, send and borrow money. With Barter, you can easily send money to friends near you. An illustration is seen in the image below:
The focus for Barter is on personal and small payments across African borders and within countries. It makes international payments easier globally.
Some other popular payment service providers served by Flutterwave include Paywithcapture, Paystack, AmplifyPay and many more.
Flutterwave supports payment methods such as Visa, MasterCard, ApplePay, Verve, American Express, Android Pay and others.
How Flutterwave is Bridging the Gap Between Africa and International Transactions
Flutterwave currently serves 5 African markets, including Nigeria, Kenya, Ghana, Uganda, and recently South Africa that was launched earlier in June this year. This enables African countries to easily connect to the global economy by introducing payment integrations with a simple API.
The RAVE payment platform helps businesses across Africa to thrive by maximizing digital payment options in the easiest and fastest way. When this platform was launched, Flutterwave held an event with the theme “The Business of Growing Customers”, to help empower local digital businesses with growth tools.
The businesses involved in this launch had the opportunity to learn about how to grow communities, create viral content, storytelling, maximizing digital payments and more.
The commitment to ensuring the progress of African-owned businesses with digital transactions is evident in Flutterwave.
Does Flutterwave Stand a Chance in the Global Economy?
Short answer: YES.
Flutterwave started with an office based in San Francisco before setting up one in Lagos Nigeria, and in other countries where it is established.
In a release on Flutterwave’s blog, the company mentioned how it was about time they connected Africa to the world and just within African countries.
This led to a partnership between Flutterwave and Chinese e-commerce company Alibaba’s Alipay and according to what Olugbenga Agboola- the co-founder- told TechCrunch, “This means that all our merchants can accept or install Alipay as a payment type to accept payments from its billion users”. This partnership simply helps African merchants accept payments from Chinese customers with no hassle.
With Alipay integration, Flutterwave merchants now have access to over 1 billion Alipay users.
The Bottom Line
Flutterwave is fast becoming a top digital payment solution in Africa to help businesses thrive and easily make transactions. This is one platform every business owner in Africa should embrace and with time, the challenge of digital payments in Africa will be resolved.