Mobile payment processing company, Flutterwave, has stepped up its payment offering. Flutterwave has announced a new partnership with Flywire, a global payments company. According to the company, the partnership will make life easier for “Nigerians to pay for international school fees and medical bills using their local cards and bank accounts.”
We partnered with Flywire and here's everything you need to know about it!!
“Pay for your foreign schools fees and medical bills in Naira thanks to Flywire and Flutterwave!” https://t.co/cWycLWfFjp
— Flutterwave (@theflutterwave) March 20, 2018
The partnership will allow Flywire to integrate Flutterwave’s Rave payment API. Nigerians and businesses would find it easier international payments using their local bank accounts on Flywire. Whether Visa, Verve or MasterCard, the partnership ensures that Nigerians get seamless payments services.
Why Does this Matter?
Interestingly, Nigeria is a country with high cross-border payments. The country is also reputed for being the African country with highest number of international students and patients. And according to one data, Nigeria had about 15,000 students studying in Britain during the 2016/2017 academic session.
Nigeria also has a high international medical tourism figure, spending $1 billion annually, according to the World Bank. The country also engages in quite a lot of international trade. According to 2014 World Bank Stats, the country’s total exports was worth $102.878 billion in 2017, and its imports worth $46.532 billion.
All these transactions require a robust medium to facilitate them. Flywire is one of them.
About the Flywire-Flutterwave Partnership
With its really slick system, FlyWire is very popular for international transactions, tuition payment and medical bills abroad. Apart from this, Flywire helps connect 1,400 businesses and institutions to their customers on six continents.
So @FlywireCo itself is pretty awesome. This partnership with @theflutterwave means you can now do no wrong in my eyes! Tell me this includes payments to @ProdigyFinance? Hurts to pay a whopping $25 fee every month on student loan repayments! (Side eye, @Citibank. 😒)
— Damilola Oyedele (@DamiOyedele) March 21, 2018
The best part about the platform is its currency conversion. This helps customers make transactions using their local currency. This helps to provide a tailored experience for customers.
However, “despite the billions of dollars being invested in international education, healthcare and business goods and services by Africans every year, the payment process remains complex and slow, with too much paperwork, and costly information gaps,” said Iyinoluwa Aboyeji, co-founder and CEO, Flutterwave.
Aboyeji insists that:
The partnership with Flywire makes it possible for people in Nigeria and all across Africa to make these investments more confidently and hassle-free.
Flywire is also hoping the partnership would help to remove the “complexity” of providing a seamless payment experience for Nigerians. “Nigerians will now have the convenience of being able to make digital, cross-border payments in their local currency”, said Flywire’s CEO, Mike Massaro.
The partnership between the two companies is currently available for Nigeria, Kenya and Ghana. So users can head off to Flywire’s website to make international transactions.
Get the best of Africa’s daily tech to your inbox – first thing every morning.
Join the community now!