Flutterwave strengthens pan-African reach with new Payful partnership
- Staff Writer
- 5 minutes ago
- 2 min read
By Saff Writer
Flutterwave, Africa’s fintech unicorn, has teamed up with global payments firm Payful to power seamless cross-border trade.
The partnership will enable businesses to collect local payments and settle globally, boosting financial inclusion and accelerating Africa’s digital commerce growth.
Flutterwave, the continent’s most valuable unicorn with over 1.5 million subscribers and processing more than 500 million transactions annually. The fintech giant’s strategic partnership with Payful aims to simplify high-value trade payments across the continent and accelerate financial inclusion for businesses and merchants operating across borders.
Through this partnership, Payful’s global merchants can now collect payments locally and settle globally, securely, compliantly, and efficiently, leveraging Flutterwave’s robust payment infrastructure spanning more than 30 African markets.
“Together with Flutterwave, we’re breaking down barriers to trade and making Africa a more connected participant in global commerce. Our merchants can now transact in local currencies and receive settlements in major global denominations like USD and EUR, without the usual friction,” reads a Payful statement.
Olugbenga Agboola, said the deal represents another step in its mission to build the payments backbone for Africa’s digital economy. “This collaboration underscores our vision to make it easier for global companies to do business in Africa. By powering Payful’s virtual accounts, we’re enabling more African businesses to trade confidently across borders faster, cheaper and in compliance with local regulations,” he stated.
Payful faced a familiar challenge when expanding into Africa, when it encountered fragmented payment systems, regulatory hurdles, and high transaction costs. Flutterwave’s Virtual Account solution therefore, provides a unified, API-driven platform that allows merchants to receive payments via local bank transfers, a method both reliable and cost-effective.
The integration means businesses can accept payments in Nigerian naira (NGN), Ghanaian cedi (GHS), and other regional currencies while seamlessly settling in USD or Euros. It also eliminates the need to integrate multiple banking systems or navigate complex compliance frameworks in each country.
