March 23, 2018

Flutterwave, Flywire to ease int’l payments for Nigerians

Deadline on NIN/account linkage: Most banks yet to implement directive

Banking hall

Flutterwave has announced a collaboration with Flywire to streamline payment transactions for Nigerian students, patients, and businesses. The company is a payments technology company, that provides seamless and secure payment solutions to banks and businesses across Africa.

On the other hand, Flywire is a provider of global payment and receivables solutions for education and healthcare sectors, connecting over 1,400 businesses and institutions with its customers on six continents.

Flywire processes billions in payments per year from 220 countries and territories, bank transfer, credit card and e-wallet solutions, in over 120 different local currencies.

It was gathered that the partnership with Flutterwave involves the integration of Rave, Flutterwave’s collections solution, that will enable students, patients, and businesses in Nigeria to pay their fees and bills using their local cards and bank accounts.

“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,” the Co-founder and Chief Executive Officer, Flutterwave, Iyinoluwa Aboyeji, said.

He added, “Our partnership with Flywire makes it possible for people in Nigeria and all across Africa to make these investments more confidently and hassle-free. We are very proud to partner Flywire to enable more Africans to become citizens of the world.”

Findings from a research conducted by our correspondent shows that Nigeria is the number one source of international students and patients in universities and hospitals from Africa.

More so, a report by the Higher Education Statistical Authority for the 2016/2017 academic session showed that 15,000 Nigerians were studying at universities in Britain and the United Kingdom, while another 10,000 were studying in United States universities.

According to a World Bank report, Nigerians spend $1bn annually on medical treatment abroad. The country is a thriving market for international payments and trade, exporting an estimated $35bn worth of goods and services each year, and importing over $30bn worth of goods and services each year.

Meanwhile, industry players have said that Flutterwave provides end-to-end payments technology and infrastructure which enables payment service providers, global merchants, licensed money transfer operators and Pan-African banks to process payments to and from Africa with one API integration.

With the Rave and Flywire partnership, experts have predicted that one of the key wins that would be easily adopted would be the ability to pay international school fees from Nigeria in naira, as all the bottlenecks bedeviling that process will be gone.

Flywire’s Chief Executive Officer, Mike Massaro said, “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 electronic bank transfers, credit/debit cards, and mobile payments.”

Massaro added, “Our partnership will also streamline the reconciliation of these payments on the receiving end for schools, hospitals and businesses.”