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Flutterwave: Africa Rising In Digital Payments And Infrastructure - Science/Technology - Nairaland

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Flutterwave: Africa Rising In Digital Payments And Infrastructure by TonyEmekaEko: 3:07am On Sep 28, 2019
Africa Rising was a term coined to explain the rapid economic growth in Africa at the beginning of the year 2000. The Africa rising narrative is all encompassing; from improved economic outlook, to governance, to an emerging middle class, to rising income, and of course a rapidly growing population. The United Nations predict that by 2050, one in four people on earth would be African. It’s no surprise that Governments and businesses from all around the world are rushing to strengthen diplomatic, strategic and commercial ties. The economic and multi-sectoral potential of billions of Africans cannot be overlooked.

At the heart of the narrative is the digital revolution taking shape in Africa’s largely informal economy. A World Bank Group report released in 2014 noted that digitization of economies contributes to broad economic growth, individual financial empowerment, and financial inclusion. The improved internet and smartphone penetration in Africa has given rise to digital platforms, where millions of consumers, workers and businesses have the opportunity to buy and sell their goods and services digitally.
The most significant interaction between a business and a customer is Payments. In Africa, there is no universal Payment method, and only 3% of Africans own a credit card. Other forms of payments include bank transfers and digital wallets; Cash reigns supreme! However, the emergence of Flutterwave is gradually changing the narrative and allowing Africans participate the global digital economy.

FLUTTERWAVE

Flutterwave is an integrated payment and transaction processing company that provides technology integration, advisory services, and transaction processing and payment infrastructure to government, Client and corporate organizations across various sectors.
Co-founded in 2016 by Iyin Aboyeji and Olugbenga Agboola, Flutterwave has grown to become one of the fastest growing payments companies in the world. Flutterwave has processed close to $2 billion in payments and 100 million transactions across over several African countries, since it began operations. It has also attracted significant investments from experienced Fintech investors such as Ycombinator Continuity Fund (investors in Stripe), Greycroft (investors in Braintree and Venmo), Greenvisor Capital, Omidyar Network, and Glynn Capital amongst others.
With over 60,000 merchants, Flutterwave boasts of global clients such as Uber, Facebook, TransferWise, Fly wire, Booking.com. It has also taken bold steps to enter into collaboration with Alipay and Visa making it easier for payment across continents.
Rave and Barter are the two innovative products form Flutterwave.

Rave allows merchants and customers all over the world to accept and make payments from anywhere in the world in multiple currencies. GetBater on the other hand, creates a virtual credit card for users online, to enable daily online purchases. Barter Issues and manages virtual and physical cards for retail, loyalty and expense management.

Despite challenges of documentation, fragmentation between Rave and Barter, customer support lapses, mobile compatibility for screens and pricing, Flutterwave over time has expanded license and certificate in countries they operate which enable them to provide services with the highest level of security guarantee. In 2017 Flutterwave was named Africa’s best Fintech Company at the Apps Africa Innovation Awards. In 2018, they also received the ‘Best payments company’ award at the Ghana E-commerce award ceremony.

The closing remark during an interview with the Y Combinator, Iyin Aboyeji set forth the long term-vision of Flutterwave, “As an African, I have always felt like a third-class citizen on the internet because many popular web services like Stripe, PayPal, and Airbnb launch internationally but excluded African countries just because it was too hard to process payments there. I really want us to be the company that makes it possible for the world’s best internet companies to launch in Africa or launch from Africa from day one. Africa and Africans deserve to be fully included in the new global economy powered by the internet. I go to work every day so Flutterwave can make that possible.”

There is no doubt that with the likes Flutterwave in a continent where the rate of the internet penetration is steadily increasing and many people are making payments online, Africa is indeed Rising!!!

Re: Flutterwave: Africa Rising In Digital Payments And Infrastructure by Saintly01(m): 1:46pm On Sep 29, 2019
This is a beautiful upward leap tech wise, home grown innovations are the way to go. Nice one.

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