Solution integration aims to streamline payment transactions for Nigerian students, patients, and businesses
BOSTON; LONDON; and LAGOS, Nigeria—Flywire, a provider of global payment and receivables solutions for education, healthcare, and business, today announced a new partnership with Flutterwave, a payments API that makes it easier for banks and businesses to process payments across Africa. Flywire will integrate Flutterwave’s Rave payment platform as a preferred option for students, patients, and businesses in Nigeria making cross-border payments via the Flywire platform.
Nigeria is a thriving market for cross-border payments. It is the number one source of international students and patients from Africa with approximately 15,000 Nigerians studying at British colleges and universities during the 2016/2017 academic year1. Another 10,000 plus studied in the US, contributing an estimated $US 301 million to the US economy.2 According to the World Bank, Nigerian’s also spend $US 1 billion annually on medical treatment abroad. Nigeria also has a thriving global trade, exporting almost $US 35 billion worth of goods and services each year, and importing over $US 30 billion worth of goods and services each year.3
“Despite the billions of dollars being invested in international education, healthcare and business goods and services by Africans every year, the payment process remains complex and slow, with too much paperwork, and costly information gaps,” said Iyinoluwa Aboyeji, co-founder and CEO, Flutterwave. “Our partnership with Flywire makes it possible for people in Nigeria and all across Africa to make these investments more confidently and hassle-free. We are very proud to partner with Flywire to enable more Africans to become citizens of the world."
Flywire provides businesses, educational institutions, and healthcare providers with the ability to offer their customers a highly-tailored, international payment experience – customized by country, currency and vertical. Flutterwave 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. The solution integration is available immediately. “Nigeria can be a very complex foreign exchange environment, said Mike Massaro, CEO at Flywire. “Together with Flutterwave, we’re removing a lot of that complexity and providing a more seamless payment experience for international students, patients, and businesses. Nigerians will now have the convenience of being able to make digital, cross-border payments in their local currency, through ebank transfers, credit/debit cards, and mobile payments. Our partnership will also streamline the reconciliation of these payments on the receiving end for schools, hospitals and businesses.”
Flywire is a leading provider of global payment and receivables solutions, connecting over 1,400 businesses and institutions with their customers on six continents. The company processes billions in payments per year from 220 countries and territories, via bank transfer, credit card and e-wallet solutions, in over 120 different local currencies. Flywire’s scalable platform provides currency conversion at exchange rates that can offer significant savings when compared to home-market banks and credit card providers. The company also supports its clients with end-to-end customer support including multilingual servicing via phone, email, and chat, as well as 24/7 online payment tracking. Flywire is headquartered in Boston, MA with operations in London and Manchester, UK; Shanghai, China; Tokyo, Japan; Singapore; Sydney, Australia; and Valencia, Spain. For more information, visit www.Flywire.com.
1 Higher Education Statistics Authority.
2 Open Doors report from the Institute of International Education.
3 World’s Top Exports (WTEx)