Africa’s leading payments technology platform, Flutterwave has announced its commencement of instant settlement for its merchants.
This move will see Flutterwave merchants receive their money in their bank account as soon as they are paid on Flutterwave’s platform. This enables seamless cash flow for merchants.
Flutterwave recently introduced Pay With Bank Transfer, integrated with Alipay and now have made it easier for merchants to stay cash flow positive. These moves are in line with their desire to grow businesses as confirmed by Flutterwave CEO, Olugbenga “GB” Agboola.
“All the features and updates we make are intentional because the theme and goal remains the same – we want to grow your business,” GB said.
“One of our core values is “We Create and Innovate.” So, during one of our many brainstorming sessions, the team thought about different ways we could improve our merchants’ experience. One of the key things revolved around settlement timelines. Our engineering team then developed a way to make the process simpler and less manual. The settlement team then realized they could complete settlements faster for merchants. Our innovation to improve the pain point of a team resulted in a new offering we could share with all of our merchants. Our focus on customers enables us to create more seamless and secure ways for payments.” GB explained.
“I want to see Nigerian businesses take advantage of this opportunity that we’re providing to really grow their businesses, to make an impact and grow the larger African economy,” He concluded.
This new settlement for local transactions is geared at stimulating Africa’s largest economy to continue expanding and also stimulate much-needed growth. With the improved settlement timelines, the company estimates that merchant collections could double and they also expect a boost in merchant acquisition numbers which is already on the rise.
Founded in 2016, Flutterwave allows clients to tap its APIs and work with Flutterwave developers to customize payments applications. Since inception, the payment platform has processed over 100 million transactions worth over $3 billion and counts Uber, Wakanow, Arik Air among other multinational businesses amongst its customers.