Microsoft companions with Flutterwave to energy fee innovation in Africa

Microsoft has introduced a five-year strategic expertise partnership with Flutterwave with the objective of fast-tracking fee innovation in Africa and, in so doing, accelerating the expansion of small companies throughout the continent.

The brand new collaboration will allow Flutterwave to construct its subsequent era platform on Microsoft Azure .The transfer is a part of Flutterwave’s mission to assist companies overcome challenges surrounding entry to monetary providers and connecting them to the worldwide stage. It does this by enabling a number of fee modes, together with native and worldwide playing cards, cell wallets and financial institution transfers. 

“To drive sustainable development in Nigeria, small companies want the power to take part extra actively within the native and even world market. This begins with digital monetary inclusion. If we wish to construct a extra resilient nation and in the end a extra affluent continent, we should start by giving these companies the digital monetary providers they want, not simply to outlive, however to thrive,” says Ola Williams, Nation Supervisor, Microsoft Nigeria.

Small and medium sized enterprises (SMEs) are essential to Africa’s progress and growth. Present estimates are that round 90 % of the continent’s inhabitants is employed inside SMEs. Past employment, these companies are sometimes on the forefront of innovation, offering options to Africa’s most urgent societal challenges.

Although small companies and startups are the bedrock of the African financial system, they’re required to navigate monumental obstacles merely to succeed. Analysis from the African Union Improvement Company tells us that round 5 out of seven SMEs in Africa will fail of their first 12 months. Equally, the typical startup failure fee in Africa sits at round 54 %.

A key problem for each SMEs and startups is a scarcity of entry to monetary providers and the shortcoming to transact seamlessly throughout native fee strategies. Whereas round 90 % of transactions in Africa are nonetheless cash-based, as many as half of small companies are with out entry to credit score.

In reality, since inception, Flutterwave has made vital inroads across the democratisation of funds in Africa. Now by collaborating with Microsoft, the funds expertise firm goals to gas development and additional revolutionise funds for companies throughout Africa.

Transitioning away from its legacy infrastructure and onto Azure will permit Flutterwave to course of excessive quantity funds at scale, making certain a seamless and safe fee expertise for its shoppers. By means of Azure OpenAI Service, it additionally has the chance to scale its product providing to thousands and thousands of retailers worldwide.

Commenting on the partnership, Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, mentioned: “In our journey at Flutterwave, we’ve at all times strived to the touch lives by simplifying funds and connecting desires to alternatives. In the present day, as we be part of arms with Microsoft, it looks like a household reunion of visionaries and go-getters. The thrill in our crew is palpable as a result of this partnership isn’t nearly transactions – it’s about transformation. We’re honoured that Microsoft believes in our imaginative and prescient and trusts {our capability}. I’m proud to say we’re not simply dreaming of an inclusive digital Africa; we’re creating it.”

As a part of the collaboration, Flutterwave can even launch transactable options on Azure Market, together with its SMB finance-as-a-service providing, additional extending its attain. 

“Microsoft is dedicated to fast-tracking financial development in Africa via the transformative energy of expertise – a key a part of this includes making it doable for SMEs to amass the digital monetary instruments and providers they should succeed,” says Lillian Barnard, President of Microsoft Africa. “We consider better entry to expertise and innovation holds the important thing to constructing thriving native companies that can create stronger economies to allow a brighter future for all.” 

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