Flutterwave Partners With PayPal To Allow African Merchants To Accept And Make Payments

March 16, 2021
7 Views

Nigeria’s leading payments technology company, Flutterwave, has announced a partnership with US payments giant, PayPal, to enable African merchants to accept and make payments through its platform.

Flutterwave Partners With PayPal To Allow African Merchants To Accept And Make Payments 1

In a statement on Tuesday, Flutterwave said that PayPal customers globally can now pay African merchants through its “Pay with PayPal” feature.

The collaboration will eliminate the barrier to cross-border commerce, and connect small and medium enterprises with the more than 377 million PayPal account holders globally,

According to the statement, Flutterwave’s integration with PayPal will be operational across 50 African countries and worldwide.

Before now, PayPal has only allowed just 12 African countries to send and receive, money on the platform. Others have had to find ways to circumvent this through other channels which could be cumbersome or way more expensive.

According to the PayPal website, only Algeria, Botswana, Egypt, Kenya, Lesotho, Malawi, Mauritius, Morocco, Mozambique, Senegal, Seychelles and South Africa could send and receive money before this partnership.

Other countries like Nigeria could either only send but not receive or were completely restricted like Libya and Liberia.

Despite the restriction, in 2015, PayPal revealed that Nigeria became its second-largest market, behind South Africa which didn’t have any restriction, just one year after it launched in Nigeria.

With this new partnership, Flutterwave absorbs most of the risk PayPal thinks it will incur if it makes its platform more open to merchants in these countries. But at the same time, it solidifies Flutterwave’s position in the eyes of multinationals looking to enter the African market.

Olugbenga Agboola, Flutterwave’s CEO, said the partnership reinforces the Nigerian company’s vision of “creating a seamless digital payments system for Africa’s business communities that can now transact with international consumers.”

Flutterwave was founded in 2016 by Nigerians and head quartered in San Francisco, the firm has processed over 140 million transactions.

The move comes barely a week after Flutterwave announced it raised $170 million from investors to expand its customer base, pushing its valuation up to more than $1 billion.

You may be interested

Suspect Narrates How He Strangled Creditor Disturbing Him To Repay N100,000
News
5 views
News
5 views

Suspect Narrates How He Strangled Creditor Disturbing Him To Repay N100,000

Webby - April 17, 2021

Ifeanyi Ezinwa, a revenue collector in Umuleri Local Government Area (LGA) of Anambra State, is being held by the police…

‘Broke’ NDDC Needs More Fund — Akpabio
News
2 views
News
2 views

‘Broke’ NDDC Needs More Fund — Akpabio

Webby - April 17, 2021

Godswill Akpabio, Niger Delta Affairs Minister, on Friday said the Niger Delta Development Commission (NDDC) was broke, and  asked that…

Calls for sack of Finance Minister, Zainab Ahmed thickens as CBN admits printing money
News
2 views
News
2 views

Calls for sack of Finance Minister, Zainab Ahmed thickens as CBN admits printing money

Webby - April 17, 2021

Nigerians have joined the ongoing controversy surrounding the alleged printing of N60 billion by the Central Bank of Nigeria (CBN)…

Leave a Comment

Your email address will not be published.