Flutterwave, a leading fintech firm based in Nigeria, has recently made a significant move to broaden its payment options by enabling its online merchants in Nigeria to accept payments from American Express cardholders. This initiative is poised to facilitate cross-border commerce and is part of the company’s broader strategy to extend this capability to other African nations, including Tanzania, Rwanda, Ghana, and Uganda.
By integrating American Express into its payment platform, Flutterwave is opening up new avenues for its merchants to reach a wider audience. This includes not only American Express cardholders within Africa but also those from around the globe, encompassing holders of personal, business, and corporate cards. This expansion into new customer segments is expected to drive increased sales and revenue for the fintech’s merchant base.
Moreover, this collaboration is set to enhance the presence of the American Express global network in Africa. American Express card members will benefit from the increased flexibility to use their cards across a greater number of merchants on the continent, thus improving their purchasing power for a diverse range of products and services.
In May 2024, as part of its commitment to growing its operations in Africa, American Express launched four new credit card offerings in Nigeria. This move underscores the company’s dedication to capturing a share of the burgeoning African market.
The partnership with American Express marks another landmark achievement for Flutterwave, reminiscent of its 2021 collaboration with a prominent American fintech company, PayPal. That partnership was designed to enable African merchants to receive payments from PayPal’s extensive user base worldwide.
However, upon reviewing Flutterwave’s website, it becomes apparent that the PayPal payment option is currently available only to merchants in select African countries, including Kenya, South Africa, Egypt, Morocco, Mauritius, Malawi, Mozambique, and Senegal. Notably, Nigerian merchants are not listed as beneficiaries of this service, highlighting a gap in the payment offerings for one of Africa’s largest economies.
Olugbenga ‘GB’ Agboola, the CEO of Flutterwave, has expressed that the new partnership with American Express is part of the company’s vision to facilitate seamless payments on a global scale using Flutterwave’s platform in Africa. He emphasized that the collaboration will provide American Express cardholders with more diverse shopping opportunities and choices on a global level.
Olugbenga ‘GB’ Agboola, CEO of Flutterwave, further emphasized the benefits of incorporating American Express as a payment option within their platform. He highlighted that this move is set to streamline the payment process for American Express cardholders, making transactions quicker and more straightforward. Additionally, this integration is expected to enhance the e-commerce experience for businesses utilizing Flutterwave by providing them with the tools they need to grow from local operations to global sales platforms.
Briana Wilsey, Vice President and General Manager of Global Network Services EMEA at American Express, also weighed in on the partnership, characterizing it as a mutually beneficial arrangement. She pointed out that the collaboration will significantly increase the number of merchant locations in Nigeria where American Express Card Members can make payments, thereby expanding their purchasing options within the country.
In a move that further solidifies Flutterwave’s position within the African financial ecosystem, the Bank of Ghana awarded the company a Payment Service Provider license (Enhanced Category) on August 1, 2024. This license grants Flutterwave the authority to function independently, without the need for intermediary third-party services. The implication of this is a more streamlined and efficient payment process for both businesses and customers.
This development comes on the heels of Flutterwave’s expansion into Mozambique, which took place in May 2024, and represents another step in the company’s ongoing growth and commitment to enhancing the payments landscape across Africa.
