Cross-border payments with non-African countries have been a source of concern for individuals and SMEs in Africa due to a number of factors. Though there is a growing ePayment sector in Africa which is worth around $10 billion, many have attributed the fear of fraudulent activities, insufficient regulation and poor banking security system as major reasons major international payment platforms were unsure about stepping into Africa.
For YCombinator’s most valuable African startup, Flutterwave, simplifying payments for endless possibilities is the only goal. Flutterwave recently partnered with PayPal to enable African merchants to receive payments via PayPal on Flutterwave’s platform. This partnership will connect African businesses with more than 377 million PayPal account holders globally.
A banker and innovator, Nkemjika Okeke, spotlights the importance of this deal for African SME’s in this chat with Tony.