Airtel Money has announced a new partnership with African payments company, Flutterwave, to expand Airtel Money’s services to businesses across Eastern Africa.
The partnership enables businesses integrating Flutterwave in Uganda, Tanzania, Zambia, Malawi, Kenya and Rwanda, to receive payments from Airtel Money customers, as well as make bulk payments into Airtel Money wallets thanks to Airtel Money’s proprietary fintech platforms. The new services will go live subject to regulatory approvals in the respective countries, and will reach Airtel Money’s 19.2 million customers based in East Africa.
Covid-19 has triggered a widespread shift in the adoption of mobile money services, with the GSMA reporting a 12.7% increase in the number of registered global mobile money accounts in 2020. As the trend continues its upward spike, this partnership further responds to the growing dominance of cashless societies across the sub-Saharan region and the need to penetrate digital innovation deeper into communities across Africa.
Given the change in consumer behaviour and increase in e-commerce, businesses increasingly need to accept mobile money payments from customers for their goods and services. Furthermore, larger businesses are finding it cheaper, faster and more convenient to make bulk payments, direct to their employees or customers’ mobile money wallets.
Vimal Kumar Ambat, the CEO, Airtel Mobile Commerce, commented: “Airtel Money is committed to bridging the digital divide and enhancing financial and digital inclusion for millions of businesses across sub-Saharan Africa. Our partnership with Flutterwave will help to empower even more customers through simple and accessible payments services, using the latest technologies, that support business innovation and boost local economies.”
Olugbenga Agboola, the Flutterwave founder and CEO, commented: “Our business goal is to continue to support African businesses digitize their payments methods and introduce them to a world of opportunities that come with digitization. We are excited to have partnered with Airtel Money to further advance local businesses payment methods which will allow them to increasingly provide more services to their customers, grow their customer base and revenue.”
Airtel Money is the dedicated mobile money platform for Airtel Africa which offers mobile money services – including payments, microloans, savings and international money transfers. The distribution model of kiosks, mini shops and dedicated Airtel Money branches enables customers to access the funds they need. Airtel Money aims to increase financial inclusion and meet the needs of millions of customers in Africa who have little or no access to banking and financial services. Through the dedicated MyAirtel app, customers can manage all their online needs seamlessly.
Flutterwave is a payments technology company that helps businesses all over the world expand their operations in Africa and other emerging markets, through a platform that enables cross-border transactions via one API. Flutterwave has processed over 140 million transactions worth over $9 billion to date and serves more than 300,000 businesses including customers like Uber, Flywire, Booking.com, etc. The Company’s key advantage is international payment processing in 150 currencies and multiple payment modes including local and international cards, mobile wallets, bank transfers, Barter by Flutterwave etc. Flutterwave has an infrastructure reach in over 33 African countries, including Nigeria, Uganda, Kenya, and South Africa.