For a very long time, Nigerians have agonized over their inability to accept international payments through PayPal. Creatives and especially freelancers who get paid in USD are on constant scout of the best ways to receive payment, especially with the new CBN restrictions on international transactions enforced in December 2020. Businesses and individuals without domiciliary bank accounts were restricted to receiving money through cash pickup. The process itself is fraught with delays and several other problems.
But Flutterwave CEO Olugbenga Agboola has now announced via his Twitter page that the company has partnered with PayPal in a manner that would finally allow Nigerian—and African—businesses receive payment.
As we build the largest payment infrastructure in Africa @theflutterwave , we also know that Africa does not exist in isolation. We need to connect Africa to the world when it comes to payments and we took a closer step to that today pic.twitter.com/EWnWBv3RHM
— GB 🦋 (@TechProd_Arch) March 16, 2021
The fin-tech company, founded in 2016 by a group of innovators, engineers, and ex-bankers, announced just last week that it was now worth $1 billion.
This partnership will widen the reach of Nigerian businesses, as non-Nigerians whose preferred payment option is PayPal would be more inclined towards them.
Businesses are now to go to their dashboard on the Flutterwave app or site to include PayPal as an option. Afterwards, it will display as an option to customers when they finish shopping. While it is still unclear whether individuals can use this service, it is a great step forward for Nigerian businesses.
Flutterwave inches closer day by day towards its goal of “providing businesses all around the world with a powerful, reliable and intelligent payments gateway.”