Tech in Africa
Flutterwave has entered into a partnership with payment processors across different continents to ease e-commerce payments across the globe. FIS, a global acquirer and fintech leader will expand its payment processing ability across South Africa, Malaysia and Nigeria markets.
FIS aims to provide domestic payment processing through Africa’s leading payments technology company, Flutterwave. The partnership was first announced in January 2020 when FIS took part in Flutterwave’s Serie B that raised $35M. It’s worth noting that Flutterwave graduated from the FIS fintech accelerator program back in 2016, and has processed over 140M transactions to date valued at $9 billion.
Businesses expanding across Africa are faced with one problem, how one can receive online card payment services through bank accounts. Big European companies can easily form partnerships with a local Nigerian partner who immediately plugs them into their e-payment network.
Unfortunately, most mid-sized businesses in Europe face the trouble of setting up payment subscription services for their products and services. Worldpay, a payment processing company could be one of its e-payment partners. This cross-continental partnership among e-payment companies is what Flutterwave hopes to remedy.
FIS is a multi-billion global Fortune 500 company with the financial ability to expand Worldpay across the world. This year the company has announced that it has received a license to make Worldpay available in Malaysia.
In a statement from Flutterwave CEO Olugbenga Agboola, Worldpay users across the US and Europe will be able to accept any African payment. The new integration will be available in South Africa and Nigeria – the two largest economies on the continent. In 2024, e-commerce in the 2 continents is expected to hover at $9 billion in South Africa and $31 billion in Nigeria. The use of cash has seen a steep decline due to the pandemic as Nigerian adopt more payment options. Payment options through Worldpay’s payment gateway will allow merchants to process card networks like Visa and MasterCard.
