Standard Bank, Flutterwave team to bolster African payments market

Africa-located Standard Bank has partnered with PayTech firm Flutterwave to improve the digital payment market in select African markets.

According to Finovate, the partnership will aim to help improve the digital payment experience for customers in Nigeria, Tanzania, Uganda, Ghana, Mauritius, Cote D’Ivoire, Malawi and Zambia.

Founded in 2016, Flutterwave has processed over 140 million transactions worth over $9bn since its inception. The company builds technology, tools and infrastructure for businesses and banks that want to offer a more seamless and secure payments experience for their customers.

Standard Bank is looking to help its customers – from large firms to sole proprietors – to grow their business through the Flutterwave integration by leveraging digital payments and ecommerce tools. The PayTech will seek to help the bank’s merchant clients build card issuing, ecommerce, payments, collections, lending and buy now, pay later capabilities amongst others for its end consumers.

Standard Bank CEO of Africa Regions Yinka Sanni said, “Coupled with the innovation offered by Flutterwave, we can deliver real impact and growth opportunities to clients across the continent. We believe when our clients grow, Africa grows.”

Flutterwave CEO Olugbenga GB Agboola added, “Our partnership with Standard Bank demonstrates that fintechs and banks are not competitors but trusted partners with the key focus being the customer. We plan to grow financial and digital inclusion through this partnership and in the long run, we expect to generate more jobs in the digital economy and enable rapid business growth across the continent.”

Earlier this year, Flutterwave raised $170m in a Series C round that pushed the company’s valuation to over $1bn – making it a newly-formed unicorn.

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