January 22, 2020 All Things Fintech in Africa

 FlutterWave:  Creating Financial Accessibility With Digital Payment Solutions

Introduction: 

Sometimes, I feel the technology is  man’s coolest invention. Digital bank is the newest rave of the now, which I find deeply convenient.  While it curbs the excesses of traditional banks, it solves one of the biggest problems we all have a grouse with; long queues at banking halls.  Let me dive into why I am simply excited with digital banking, my next paragraph explains how fantastic it can be using flutter wave as my case study. 

What is Flutter Wave

FlutterWave is an online platform that allows merchants to make and receive payments online.   Or we can simply say, it is an integrated online platform where payments, payouts, management of funds happen. The flutterwave platform allows customers make payments, for instance, they can pay for any service offered, while a merchant receives and manages his/her funds there too. Generally, the flutterwave is a bank but a mobile bank without the complexities of the traditional banking; it is a digital bank that enables transactions while on the go.

How it began?

The story of Flutterwave began with a tech nerd, Iyinoluwa Aboyeji, who also co-founded Andela .  His experience with sending money to Africa while he was at Andela, birthed the ‘Flutterwave’ idea..  So basically, the idea around Flutterwave was to make payment processing in Africa easier. With a presence in 38 African countries, and over 68 payment getaways including mobile money, it is trying to solve the problems associated with sending money to Africa.  

Products:

 Rave by Flutterwave

Rave by Flutterwave is a payment getway permitting multiple users to receive payments with zero charges.   Rave was created to make it easier for businesses to accept payment through a range of channels from their customers around the world.  The channels which Rave make payments possible are; mobile money, credit and debit cards, cash tokens, USD, and ACH. Therefore, users can pay with a debit card, receive mobile money, or use a USD code.

Rave is customer-oriented; it is tailored in a way where merchants can understand their customers’ transaction habits when using  their  product.  There is a fraud system that automatically detects any suspicious transactions, and ensures safe payments. Payment is also supported in multiple currencies; euro, British pound, Naira, US dollars.  

Barter by Flutterwave

Barter is a finance management app by Flutterwave. It was designed to help users aggregate their funds on a platform; spend, send and borrow.   

What you can do with Barter?

  •     Users can send money to their friends nearest to them.  It is a peer-to-peer payment platform with a near me feature which locates your friends nearby, who you could send or ask for money from.
  •    It enables you to schedule your expenses, whether it is payment for data, airtime, or TV subscription.
  •      There are smart reminders too that send you notifications whenever your subscriptions on your Netflix expires.
  •       You can also manage your funds on the app too if you are saving for a project, or small business.  

Achievements:

Currently, Flutterwave has about 50 bank partners with over $2.6bn payments processed in more than 100 m transactions.  It has about 1200 developers building on it. In 2018, their customer base experienced 550% growth. Now, it has more than 26,000 existing customers.  They still retain their enterprise customers; Uber, Arik Air, Booking.com and Flywire, while welcoming new customers like  DusuPay(Uganda), BroadPay (Zambia) and PennySmart (Ghana). The barter by Flutterwave has over 30,000 customers on its platform.  

In the same year (2018), they bagged a ‘best payment company’ award at Ghana ecommerce Awards ceremony.

Partnerships

Aside from having a wide vision to conquer the online payment sphere in Africa, Flutterwave has a global view too.  To accelerate their core businesses, partnerships are a vital part of its growth. 

The Alipay Partnership

The integration between Flutterwave and Alipay, will capture payments activity around an estimated $200 billion in China-Africa Trade.  Alipay have been added as options as to cards, Barter, Mobile Money and other payment channel on the rave checkout modal.

Flywire Partnership

This partnership is targeted at Nigerian students, patients and businesses to be able to make payments for their foreign school fees and medical bills in Naira.

Shopify Partnership

By integrating Shopify on Flutterwave, businesses can scale their businesses globally with Rave. Selling online and shopping on shopify store

 

 

 

 

 

  

 

Banner
Related Posts

PayPal Introduces Invoice API for Online Sellers

August 16, 2019

August 16, 2019

Introduction:                                                                                    Paypal have be able to identify the challenges most small and medium businesses face from: cash flow management,...

With Wallet you can Upgrade your Daily Personal and Financial Experience

April 25, 2019

April 25, 2019

  Wallet is an app that enables you to make quick financial decisions daily. With ease and convenience, banking has...

Paga, Nigeria’s Mobile Money Operator Crosses 1.5 Trillion Naira in Transaction

August 12, 2019

August 12, 2019 1

Paga, Nigeria’s Mobile Money Operator Crosses 1.5 Trillion Naira in Transaction Value Earlier today, the CEO of Paga, Nigeria’s foremost...

FlutterWave Partner with AliPay to Foster Payments between Africa and China

August 7, 2019

August 7, 2019

FlutterWave, a Lagos-based fintech, has partnered with AliPay, a Chinese e-payment solution to foster digital payments between Africa and China....

World Remit: A FinTech Startup Revolutionizing Money Transfer and Remittance  

April 17, 2019

April 17, 2019 1

World Remit, in short, is money transfer and remittance made easy. Within minutes of transactions, funds are being directly deposited...

Eyowo Launches a Retail Banking Tool

December 2, 2019

December 2, 2019

Eyowo, a digital bank, with the  aim  to encourage financial inclusion among every Nigerian by making banking as easy as...

Five Online Payment Platforms in Nigeria and How to Use Them

April 5, 2019

April 5, 2019 3

Table Of ContentsI would be writing on Five Online Payment Platforms in Nigeria and How to use them to make...

PalmPay raises $40m from TECNO mobile, will be preinstalled on 20m phones in 2020

November 14, 2019

November 14, 2019

PalmPay raises $40m from TECNO mobile, will be preinstalled on 20m phones in 2020 Nigeria is one of the countries...

Konga Pay : Features you never knew  about and How it Works.

May 7, 2019

May 7, 2019

Konga Pay is a pilot product launched by Konga.com in 2015 for online shoppers.  Shopping on Konga was made easier...

Opay Expands as it launches tricycle hailing service, OTrike in Nigeria

August 25, 2019

August 25, 2019

  Introduction The opera company, the Chinese-backed startup is giving other fin tech startups a clear run for their money...

ZaZu Launches MasterCard Prepaid Cards Linked to Mobile Wallet

December 11, 2019

December 11, 2019

Zazu, a  Zambian Fintech startup Zazu has partnered with Mastercard  to issue prepaid cards linked  to its mobile wallet. Zazu...

Top 10 Interesting facts about Interswitch Nigeria

April 11, 2019

April 11, 2019 1

Top 10 Interesting facts about Interswitch Nigeria Today many payment processing companies exist, but Interswitch Nigeria has made an incredible...

PesaLink, Kenya’s Payment System

October 28, 2019

October 28, 2019

  What is PesaLink? Pesalink is a payment system launched by the Kenya Bankers Association (KBA). This is a digital...

6 Facts About Paystack Nigeria You Never Knew Before

April 19, 2019

April 19, 2019 2

6 Facts About Paystack  Nigeria You Never Knew Before As the new kid on the block when it comes to...

Using Blockchain to Enable Faster Cross Border Remittance

May 10, 2019

May 10, 2019

Using Blockchain to Enable Faster Cross Border Remittance Blockchain derived its name from how it works and the way it...

Comments
Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.