TransferWise partners Flutterwave, Venture Garden Group to re-enter Nigeria market
Global payments company, TransferWise, has returned to Nigeria, 17 months after leaving. This time, it has partnered with two Nigerian fintech payment startups, Flutterwave, and Venture Garden Group to drive its remittances.
In April 2016, TransferWise announced that it would no longer support naira transactions due to the crisis in the country’s forex market. But the CEO and founder, Kristo Kaarmann, said recently the that company has regained confidence in the CBN’s handling of the naira, according to Reuters.
“We have monitored the market closely over the past year and recent efforts by the Central Bank of Nigeria have strengthened our confidence in the naira,” said Kaarmann.
Nigeria remains a huge market for money transfer companies, with $18.956 billion gotten as remittances from Nigerians in the diaspora, according to a 2016 United Nation’s report. The country was ranked as the highest receiver of foreign remittances in Africa and 6th in the world in the report.
On Tuesday, Flutterwave posted on Medium that it was excited to partner with the UK-based company and said “TransferWise customers in the UK and around the world can now use their debit cards or online banking on the TransferWise website and mobile app to send money to family and friends with verified bank accounts in Nigeria.”
According to Flutterwave, its payments infrastructure will enable TransferWise to instantly verify recipients’ bank accounts and send funds to them in local currency within a day.
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a graduate of Linguistics and a staff writer at Outrepreneurs, Deji's forte includes tech, startups and innovations. Years back, Deji wrote on Entertainment and Lifestyle for a tabloid. If he wasn't a writer, Deji would be a photographer or teacher.