A global payments platform Flywire has announced, in a press release, plans to partner with Nigeria’s Fintech platform Flutterwave to simplify payment transactions for Nigerian students, patients, and businesses abroad.
Flywire says it plans to integrate Flutterwave’s payment platform as the preferred option for students, patients, and businesses in Nigeria who are making cross-border payments on the platform.
Thr payments platform company tips Nigeria to be a good market for cross-border payments and is one of the leading sources for international students and patients from Africa. It attributes the number of Nigerian students in the US and UK numbering about 25000, who contribute an estimated USD 301 Mn to the economy, as a leading factor.
Citing the World Bank, Flywire said Nigerians spend USD 1 Bn a year on medical treatment abroad and have thriving global trade. It also exports close to USD 35 Bn worth of goods and services every year. CEO of Flywire Mike Massaro, admits that with Nigeria’s high level of foreign exchange transactions comes complex payment issues which the partnership with Flutterwave aims to solve.
“Together with Flutterwave, we’re removing a lot of that complexity and providing a more seamless payment experience for international students, patients, and businesses. Nigerians will now have the convenience of being able to make digital, cross-border payments in their local currency, through eBank transfers, credit/debit cards, and mobile payments. Our partnership will also streamline the reconciliation of these payments on the receiving end for schools, hospitals, and businesses,” he said.
Iyinoluwa Aboyeji, co-founder, and CEO, Flutterwave expressed delight at the partnership with Flywire. He said, “makes it possible for people in Nigeria and all across Africa to make these investments with more confidence and hassle-free. “We are very proud to partner with Flywire to enable more Africans to become citizens of the world.”
Flywire is a provider of global payment and receivables solutions, connecting over 1,400 businesses and institutions with their customers on six continents. The company processes billions in payments per year from 220 countries and territories, via bank transfer, credit card, and e-wallet solutions, in over 120 different local currencies.
Flutterwave was founded in 2016 by a team of ex-bankers, entrepreneurs, and engineers. They provide the underlying technology platform that allows businesses to make and accept payments anywhere in Africa.