Flywire, Flutterwave use API to streamline Nigerian cross-border payments
Flywire is teaming up with Flutterwave to improve payments technology in Nigeria, which has Africa’s highest number of international students and medical patients traveling outside the country.
Nigeria also has one of the continent’s most complicated internal systems for sending money across borders.
“Nigeria can be a very complex foreign exchange environment…with Flutterwave, we’re removing a lot of that complexity and providing a more seamless payment experience for international students, patients and businesses,” said Mike Massaro, Flywire’s CEO, in a Tuesday press release.
Boston-based Flywire is leveraging a payments API developed by Flutterwave for its Rave payments platform to streamline cross-border payments for 15,000 Nigerian students currently studying abroad, patients spending $1 billion annually on foreign medical treatment and businesses that annually export goods worth $35 billion from Nigeria, according to the press release.
“Despite the billions of dollars being invested in international education, health care 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, Flutterwave’s cofounder and CEO, in the release.
Flutterwave, founded in 2016, has offices in San Francisco and Lagos, Nigeria.