Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,151,606 members, 7,812,986 topics. Date: Tuesday, 30 April 2024 at 01:29 AM

26-year-old Founder Wants To Change Payments In Africa - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / 26-year-old Founder Wants To Change Payments In Africa (390 Views)

Sterling Bank Leads International Payments In West Africa With SWIFT GPI / Alibaba Co-founder Jack Ma Announces Plans To Retire At 54 / Any Review On Www.worldremit.com And Skrill To Accept Local Payments In Nigeria? (2) (3) (4)

(1) (Reply)

26-year-old Founder Wants To Change Payments In Africa by Markfemi: 6:24am On Aug 05, 2017
26-year-old Nigerian entrepreneur Iyinoluwa Aboyeji wants Silicon Valley to fund a future where Africa is included.
Aboyeji is the cofounder of Flutterwave, a payments API that makes it easier for banks and businesses to process payments across Africa. The service allows consumers to pay for things in their local currency; Flutterwave takes care of integrating banks and payment-service providers into its platform so businesses don't have to take on the expense and burden.
U.S. investors just poured $10 million of fresh funding into it. This sizable round comes one year after Mark Zuckerberg and Priscilla Chan led a $24 million funding round into another Africa-focused startup, Andela.

Andela, also cofounded by Aboyeji, trains and connects African developers to global companies for work.
"It is critical that Africans are able to participate in the digital economy," Aboyeji told CNN Tech.
More than half of global population growth over the next 30 years is expected to occur in Africa, according to a report from the United Nations. By 2035, the number of Africans joining the working age population is expected to exceed those entering it worldwide, the International Monetary Fund projects. There's no universal payment method in Africa, and only 3% of Africans reportedly own a credit card. Other forms of payments include bank transfers and digital wallets.
It means that African businesses have a hard time accepting payments from visitors. It also makes it difficult for companies like Google (GOOG), Netflix (NFLX, Tech30), Amazon (AMZN, Tech30) and Facebook (FB, Tech30) to accept local payments from African customers. It hinders the ease with which Africans connect with some of tech's most beloved services.

http://money.cnn.com/2017/07/31/technology/business/flutterwave-africa/index.html

(1) (Reply)

TSA Breach: FG Withdraws Suit Against Seven Banks / Escoboss How Can I Reach You? / Unemployment, 7 Other Major Reasons Betting Is Rising In Nigeria

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 27
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.