Flutterwave, Africa’s payments technology business, has announced a new partnership with PayPal. The partnership will allow PayPal customers around the world to pay African merchants via Flutterwave’s network.
The partnership will be critical in assisting SMEs and freelancers in overcoming the numerous challenges posed by the extremely fragmented and dynamic payment and banking system, as well as linking them with the world’s 377 million PayPal users.
African companies now have even more opportunities to market to international buyers thanks to PayPal’s safe online payment network.
For Africa’s economy, cross-border eCommerce continues to provide major growth opportunities. According to Statista, the overall amount of African eCommerce was US$16.5B in 2017 and is projected to hit US$29B by 2022.
This opportunity for growth would open many doors for SMEs and freelancers around the world, growing Africa’s share of global trade.
This announcement further cements Flutterwave’s status as the preferred global African payment partner for multinationals looking to expand into new markets, assuring new and established merchants and investors of the company’s global capabilities, stable platform, and high security standards.
“We are excited to bring PayPal’s fully integrated services to businesses across Africa,” said Olugbenga ‘GB’ Agboola, Founder and Chief Executive Officer of Flutterwave, in response to the announcement.
Our vision of developing a seamless digital payments system for Africa’s business communities, which can now transact with foreign customers, is reinforced by this partnership.
“By partnering with PayPal, we will deepen our loyalty to our consumers and service users by allowing them to transact and extend their business operations into new markets. PayPal has an unrivaled global presence, and working with them helps our customers to enter new areas where PayPal is present. Through our partnership with PayPal, we are also bringing together two trusted global payment brands to provide a gateway to new opportunities for millions of customers and businesses,” he said.
Flutterwave has handled more than 140 million transactions worth more than US$9B globally since its launch.
The company aims to broaden its reach to ensure customers and merchants enjoy the best-in-class digital payment service.
This partnership demonstrates its commitment to providing merchants with a wide range of options for delivering services and conducting transactions across its network.
The service is now available, and the PayPal integration will be available in 50 African countries and around the world.
Customers will need to sign up for Flutterwave in order to use PayPal to submit, receive, and withdraw money.