PayPal has joined forces with Flutterwave to allow PayPal users around the world to pay African merchants through Flutterwave’s platform.
This collaboration is expected to be ‘instrumental’ in supporting SMEs and freelancers to overcome the many challenges presented by the highly fragmented and complex payment and banking infrastructure, as well as connecting them with more than 377 million PayPal account holders globally.
Traditionally, Africa’s eCommerce ecosystem has lacked suitable payment solutions to meet the demand for seamless transactions worldwide, further constraining its contributions to the global digital economy. However, this collaboration hopes to eliminate significant barriers that have previously hindered African consumers and businesses from the untapped potential of cross-border eCommerce.
Research firm Statista estimates that the total value of eCommerce in Africa generated $16.5 billion in 2017 and is expected to reach $29 billion by 2022. This growth potential will provide many opportunities for SMEs and freelancers worldwide, subsequently increasing Africa’s share of global trade.
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“We are excited to bring PayPal’s fully integrated services to businesses across Africa. The collaboration reinforces our vision of creating a seamless digital payments system for Africa’s business communities that can now transact with international consumers,” says Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave.
“By working with PayPal, we can further strengthen our commitment to our customers and service users as we will be enabling them to transact and expand their business operations to reach new markets. PayPal’s global reach is unrivalled and collaborating with them allows our customers to explore new markets where PayPal is embedded.”
He adds, “through our collaboration with PayPal, we are also bringing together two trusted global payment brands to provide millions of consumers and businesses a gateway to new opportunities.”
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