Financial Technology in Africa - Flutterwave as a Case Study


FinTech!.

Everyone who has dabbled in the Tech has heard the word, FinTech, and how it was essential to the growth of the Tech Ecosystem in Nigeria, but only few people outside these spaces, know why it is so wonderful, and how companies such as Flutterwave, make life really awesome.

FinTech is a term used to describe financial technology, a huge industry which includes any iteration of technology in the financial space - from businesses to consumers. Fintech refers to any company that provides financial services through software or other technological solutions and includes anything and everything from mobile payments and online money transfers, to virtual banking and cryptocurrency.

Nigeria has experienced unprecedented growth in the Tech Ecosystem in recent times and it is fast becoming one of Nigeria’s more prestigious exports. The 2018 Startup Funding Report by Techpoint Africa revealed that The FinTech Ecosystem raised the most money. This information was restated by TechCabal, in their “State of Health Tech in Nigeria” report. The profitability and attraction of Funding to this space can be attributed to the success of companies like Flutterwave

About Flutterwave

Founded in 2016 by Olugbenga Agboola and Iyinoluwa Aboyeji, Flutterwave is a Payment Technology Company which focuses on ensuring seamless financial transactions, both on a personal and a business level. They have 2 products, Rave (Flutterwave for Business) and Barter (Flutterwave for Consumers ).

Rave is designed for businesses as a payment gateway to facilitate online transactions. In the simplest terms, this means that Flutterwave, makes it possible for people to pay for goods and services online and it also collects payments in multiple currencies through several channels with instantaneous settlements. It can provide single payment links, or facilitate payments to large groups of people. There are no setup fees and no hidden charges. The operational costs, are a minimal percentage of payments made and are only deducted after a payment has been initiated. It is optimised to be a completely integrated global payments platform.

To ensure seamless running, there is a responsive 24/7 customer service, and the technology is optimised to achieve ZERO failed transactions. It definitely provides users and their customers with speed, ease and functionality.
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Barter, on the other hand, is designed for “Everyone”. It is designed to be a friend, that gives money to whom you want and helps you track expenses. It can schedule payments, pay bills, send and receive money. It can even be used for recurring expenditures, such as Cable Tv and airtime purchases and Foreign subscription services.

It is a versatile app and can be used to track your bank accounts, set up virtual accounts, and even obtain loans quickly. The application is an all-in-one personal financial solution.


Why Flutterwave?

Rave is being used by over 26,000 businesses and Barter by over 30,000 persons in 7 countries. The company processed payments of over $ 2.6 Billion Dollars, with over $1 Billion Dollars in 2018 alone. Flutterwave was adjudged “Best Payment Company” in Ghana in 2018 and it is PADSS and ISO 27001 certified, this means they have satisfied the highest level of security audit internationally as a payment gateway, and internationally accepted business practices

The company has raised over $ 20 Million in funding and is valued at over $100 Million. Flutterwave has grown quickly to become a household name and a frontrunner in the FinTech space in Africa and is one of Nigeria’s biggest success stories in the World of Tech.


The Company continues to expand globally by brokering partnerships with other payment portals in other countries. These include DusuPay in Uganda and Broadpay in Zambia. They recently integrated AliPay which means the over 1 Billion Users of Alipay are now accessible to Flutterwave customers. This is a true example of Nigeria to the World.


Final Words


Money is an integral part of our daily lives, and with the advent of technology, solutions like Rave and Barter, eases the hassle of performing transactions. This solutions and many others proffered by Flutterwave and other companies in the FinTech ecosystem are essential to the growth of local businesses and by extension the economy at large.