Flutterwave, Africa’s leading payments technology company, recently annouced a new collaboration with global e-payment giant PayPal to improve global online payments for African businesses.
Flutterwave revealed that the recent partnership would enable PayPal customers globally to pay African merchants in the continent through Flutterwave’s platform.
More importantly, the partnership will be instrumental in supporting SMEs and freelancers to overcome the many challenges presented by the highly fragmented and complex payment and banking infrastructure, as well as connecting them with more than 377 million PayPal account holders globally.
While Flutterwave continues to develop ways to improve the payments space in Africa, this new collaboration would be offering flexible, quick and affordable payment services to individuals and businesses across the continent and outside it.
As of today, African businesses have even more access to sell to global customers using PayPal’s secure platform to receive and make payments online. Cross-border e-commerce continues to provide significant growth opportunities for Africa’s economy. Research firm Statista estimates that the total value of e-commerce in Africa generated $16.5 billion in 2017 and is expected to reach $29 billion by 2022. This growth potential will provide many opportunities for SMEs and freelancers worldwide, subsequently increasing Africa’s share of global trade.
This announcement solidifies Flutterwave’s position as the global African payment partner of choice for multinationals looking to enter new markets, further reassuring new and existing merchants and investors of Flutterwave’s global capabilities, secured platform and high standards of safety.
Speaking on the announcement, Olugbenga ‘GB’ Agboola, Founder and Chief Executive Officer of Flutterwave, said: “We are excited to bring PayPal’s fully integrated services to businesses across Africa. The collaboration reinforces our vision of creating a seamless digital payments system for Africa’s business communities that can now transact with international consumers.
“By working with PayPal, we can further strengthen our commitment to our customers and service users as we will be enabling them to transact and expand their business operations to reach new markets. PayPal’s global reach is unrivalled and collaborating with them allows our customers to explore new markets where PayPal is embedded.
“Through our collaboration with PayPal, we are also bringing together two trusted global payment brands to provide millions of consumers and businesses a gateway to new opportunities,” he said.
The service is now live and the integration with PayPal will be operational across 50 African countries and worldwide. For transactions, customers are advised to sign up to Flutterwave inorder to access PayPal to make, receive and withdraw payments.