By Sahabi Abdul
Nigerian payments-processing company Flutterwave agreed a deal with PayPal Inc. to handle the U.S. payment giant’s African transactions.
The agreement will enable PayPal customers around the world to pay sellers in Africa through Flutterwave, the Lagos-based firm said in a statement on its website.
“PayPal’s global reach is unrivalled and collaborating with them allows our customers to explore new markets,” Flutterwave’s Chief Executive Officer Gbenga Agboola said.
The company said the collaboration will eliminate some major barriers that impede African consumers and businesses from cross-border trading, according to the statement.
Flutterwave, which has processed 140 million transactions worth more than nine billion dollars in the last four years, said last week it had raised 170 million to fund its African expansion. It cites research data showing that African ecommerce was worth 16.5 billion dollars in 2017 and was set to reach 29 billion dollars by 2022.