Flutterwave, a Nigerian payments technology firm, has partnered with Xoom, PayPal’s international digital money transfer service, to enable fast transfers into Nigeria.
The deal connects Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Under this relationship, Xoom transfers are converted by Flutterwave and settled locally in NGN. This helps enable quick transfers directly into recipients’ bank accounts at Access Bank, United Bank for Africa (UBA), Zenith Bank PLC, First Bank of Nigeria, Guaranty Trust Bank, and additional participating banks across Nigeria
“We’re excited to have been chosen by Xoom for their Nigeria expansion,” said Olugbenga “GB” Agboola, Founder and CEO of Flutterwave. ” Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders. “
Just yesterday, Flutterwave secured an investment from Circle Ventures to expand USDC-powered payments and settlement across Africa starting with Nigeria, the leading remittance recipient in Sub-Saharan Africa. Receiving over $20 billion in personal remittances in 2024. Despite this figures, receiving international payments has historically remained complex due to FX constraints and settlement delays in Nigeria. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21% of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally. As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders. Xoom continues to expand its global footprint by strengthening local partnerships and enhancing digital-first cross-border payment experiences.