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Fintechs in Nigeria: Flutterwave

Flutterwave is a Nigerian fintech startup which helps process local and transnational payments across Africa. The company says it’s making it easier for businesses in Africa to receive payments from clients across the world- something that merchants on the continent have struggled with for a long while.

Founded in 2016 by a team of software engineers and ex-bankers, Flutterwave has quickly become a mainstay of Nigeria’s growing digital payments space. They came on the scene just when the country’s consumers were taking to online shopping. Businesses wanted trustworthy means of getting paid electronically, and Flutterwave was going to help them make this happen.

Today, there’s a lot more web and app based money transfers going on in Nigeria. We’re settling electricity bills, renewing cable TV subscriptions, and paying for ride hailing services with our debit cards. Thanks to Flutterwave, a lot of our payments can get to the companies that offer us these services.

Flutterwave’s Products

This company has two products for which it’s known: Rave, a payments support system for businesses; and Barter, which allows individuals send and receive money across borders.

Rave

Rave hosts multiple payment gateways, so that businesses can enjoy a smooth transition between those systems. They can accept payments made via any method, whether it’s through bank cards, bank accounts, or mobile wallet payments. The product also allows users to manage payouts to several people.  

International business transactions are fairly easy to carry out on it as well. Buyers and merchants do not have to worry about currency differences. If someone in Ghana pays for a product on a Nigerian ecommerce store in Cedi, Flutterwave processes and transmits the money to the Nigerian merchant on the store in Naira. This cover is substantial: it caters to about 150 currencies. 

Rave enables merchants to collect payments in app, on their websites, and via social media, when it’s installed on these channels.

Barter

In 2018, Flutterwave partnered with US-based fintech company Barter to introduce the Barter app to the African market. The app allows people on the continent to hold a virtual debit card and fund it from their local bank account. This comes in handy when they have to access subscription services.

The app also lets users transfer money to friends near them, save for a business, and track their spending over a period of time.

Market Reach and Coverage

Flutterwave is helping over 60,000 businesses make their payments processes easier. They include small and medium sized enterprises and big corporations like Uber, Jumia, and Facebook. Since its launch three years ago, it has processed more than 100 million transactions worth a total of over $2.6 billion.

It has recently announced a partnership with Chinese payments giant Alipay, which establishes a digital payments channel between Africa and China.

Featured image source: Technext NG

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Ikenna Nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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