Flywire, Flutterwave team up for cross-border payments in Nigeria
29 March 2018
Flywire has partnered with Flutterwave to integrate Flutterwave`s Rave payment platform as a preferred option, enabling cross-border payments via Flywire platform.
Flywire provides businesses, educational institutions, and healthcare providers with the ability to offer their customers an international payment experience, customised by country, currency and vertical. The company 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.
Nigeria’s cross-border payments market registers constant growth. The country represents the number one source of international students and patients from Africa, with approximately 15,000 Nigerians studying at British colleges and universities (2016/2017). Another 10,000 studied in the US, contributing to an estimated USD 301 million to the US economy.
According to the World Bank, Nigerians also spend USD 1 billion annually on medical treatment abroad. Nigeria also has an important global trade, exporting almost UDS 35 billion worth of goods and services and importing over USD 30 billion worth of goods and services each year.