Microsoft, an American multinational technology corporation, has partnered with Flutterwave, a fintech company in Nigeria, to boost financial innovation and digital inclusion in Africa.
The partnership is a big deal because people are still struggling to have access to financial services to pay their bills, noting that the collaboration has opened doors of growth and opportunity for many businesses, according Lillian Barnard, president of Microsoft Africa.
“Microsoft is partnering with Flutterwave in the realisation of financial inclusion and digital revolution to ensure many businesses receive millions of payments in a seamless way around the world,” she said.
She said 50 percent of the 1.4 billion people in Africa are unbanked, underbanked, and underserved, noting that this cannot be allowed to continue, noting that for businesses in Africa to thrive digital and financial inclusion are super important.
According to Barnard, the Microsoft OpenAI platform and service will allow Flutterwave to even further expand its operations to millions of merchants around the world.
“The goal of Microsoft is to invest and empower 10 million Small and Medium Enterprises (SMEs) by 2025 by giving them the right tools, infrastructure, scaling and help them establish strategic partnerships.
“Fintechs are helping SMEs and the informal sector, which creates a bulk of employment as they provide seven out of 10 jobs in the country and contribute about 40 per cent to the Gross Domestic Product of any economy,” she added.
Ola Williams, country manager at Microsoft Nigeria, said 80 percent of Nigerians have access to mobile systems, which has spurred growth in the fintech space and made a lot of people participate in mobile payment.
“The flow of investment in fintech contributes to 36 percent of growth to the economy. Microsoft understands the impact of technology in driving positive change in the society and job creation through collaborations.”
Olugbenga Agboola, chief executive officer at Flutterwave, noted that the firm has always strived to touch lives by simplifying payments and connecting dreams to opportunities.
“Today, as we join hands with Microsoft, it feels like a family reunion of visionaries and go-getters. The excitement in our team is palpable because this partnership isn’t just about transactions – it’s about transformation,” he said.