Flutterwave, the Lagos-based payments technology firm has partnered with PayPal, the global payment leader to enable PayPal customers globally to pay African merchants in the continent through Flutterwave’s platform.
The partnership will connect SMEs and freelancers in Africa to more than 377 million PayPal account holders globally, opening their businesses to the global marketplace and helping them overcome the many challenges presented by the highly fragmented and complex payment and banking infrastructure.
According to Olugbenga ‘GB’ Agboola, Founder and Chief Executive Officer of Flutterwave, “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.
“By working with PayPal, we can further strengthen our commitment to our customers and service users as we will be enabling them to transact and expand their business operations to reach new markets. PayPal’s global reach is unrivalled and collaborating with them allows our customers to explore new markets where PayPal is embedded.”
Flutterwave has transformed the payments space in Africa by offering flexible, quick and affordable payment services to individuals and businesses across the continent. Since inception, Flutterwave has processed over 140 million transactions worth over USD $9 billion worldwide and continues to expand its footprint to ensure consumers and merchants receive the best-in-class digital payment service. This collaboration further underscores its commitment to ensuring merchants have vast opportunities to deliver services and conveniently transact through its platform.
Just last year 2020, PayPal‘s 377 million+ users made transactions that saw PayPal end the year with a $936 billion total payment volume for the year 2020. This trillion-dollar opportunity will now be open to Flutterwave merchants in Kenya, South Africa, Egypt, Morocco, Mauritius, Malawi, Mozambique and Senegal.
As of today, African businesses have even more access to sell to global customers using PayPal’s secure platform to receive and make payments online. Cross-border ecommerce continues to provide significant growth opportunities for Africa’s economy. Research firm Statista estimates that the total value of ecommerce in Africa generated $16.5 billion in 2017 and is expected to reach $29 billion by 2022. This growth potential will provide many opportunities for SMEs and freelancers worldwide, subsequently increasing Africa’s share of global trade.
It’s never been easier to gain access to over 377 million potential customers. Traditionally, Africa’s ecommerce ecosystem has lacked suitable payment solutions to meet demand for seamless transactions worldwide, further constraining its contributions to the global digital economy. This collaboration eliminates significant barriers that have previously hindered African consumers and businesses from the untapped potential of cross-border ecommerce.