Flutterwave provides solution to Nigeria’s payment inadequacy bypass

Flutterwave, an online payment solutions company has expressed confidence in Nigeria’s electronic payment system and aims to help solve the critical issues of online payment inadequacy with its integrated platforms that makes it easier and quicker for banks and businesses to process payments across Africa.

The company which has successfully raised over $20 million in funding from foreign investors, havingGreen Visor Capital and Greycroft Partners as its largest investors says it has since inception in 2016, accepted and processed payment transactions from all payments cards, up to the tune of $2.5billion dollars.

 Flutterwave, which graduated from Silicon Valley elite accelerator program Y Combinator, also counts Y Combinator, Social Capital and Omidyar Network and Mastercardamong some of its investors.

The company processes global transactions for companies such as Uber, Facebook, Transferwise, Booking.com, Flywire and other notable Silicon Valley ventures.

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Speaking to Journalist at the Flutterwave head office in Lagos, Olugbenga Agboola, CEO of Flutterwave said; “Luckily, Nigeria is more advanced in electronic payment systems than other countries in Africa. However, we

have not perfected this system and still have some glitches. Flutterwave is confident in providing seamless glitch free transactions in Nigeria.”

“With our solutions, a merchant can accept local and international payments from card and bank accounts. Our technology also powers services like PiggybankNG, Thrivesed.com, Walletng, MAXGO, and a host of other platforms.

“Our aim is to be ‘the Google of everything payment.’ We process any kind of card, and we can be operated from any part of the world, especially with one of our new trending product called ‘Rave.”

Speaking on the authenticity and credibility of the company, Agboola

said that the company is a financial technology company and also a CBN licensed payment institution.

“This means that we are licensed to collect money from customers on behalf of merchants across the globe. “We are not just in Nigeria, we also exist in Uganda, Tanzania, Kenya, South Africa, including USA,” he said.

Rave is channel-agnostic in the sense that any kind of payment is allowed on the platform.

While addressing the issue of security guarantee of clients he said, “we are a payment gateway that has PCI level one license. That means we have been verified and assured by an independent auditor to be able to secure in the trustworthy manner, process payments in Nigeria and across board for clients. Secondly, we have what we call PA-DSS and likewise ISO 27001 which is the highest security rating any payment gateway can have in the world. So, it affirms that we have the highest security level for our clients.”

Flutterwave has over 25,000 direct merchants on its stable and uncountable indirect merchants. It accepts any mode of payment, as operated in distinct countries, and also operates in the local currencies of users.

 

Jumoke Akiyode-Lawanson