Nigeria’s foremost payment merchant Flutterwave, has announced a new partnership with international payment processor, PayPal.
The company announced on Tuesday that the new partnership will enable PayPal users globally make payments for business transactions and pay service providers on the Africa continent through Flutterwave’s platform, connecting them to more than 377 million PayPal account holders globally.
The chief executive officer and founder of Flutterwave, Olugbenga Agboola said on the company’s website, “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.”
The service, now live, will be operational across 50 African countries and worldwide. To make transactions, customers will need to sign up to Flutterwave to access PayPal to make, receive and withdraw payments.
This collaboration means African merchants and SMEs can now receive payments from Paypal users worldwide, resulting in more income for African creators and merchants.
E-commerce businesses have been on geometric increase in Africa, making the new partnership a step in the right direction for most E-commerce based businesses in Nigeria and Africa
As of 2017, the total value of E-commerce businesses stood at $16.5 billion in and is projected to reach $29 billion by the year 2022.
Flutterwave since its launch in 2014 has processed over 140 million transactions worth over $9 billion worldwide and was recently valued at over $1 billion, the largest amount ever secured by an African tech startup.