Recently, the payment service company that received unicorn status ‘Flutterwave’ got into a deal with an Ethiopian company Amole, the most prominent digital wallets platform in Ethiopia. The agreement is to make remittances easier and faster. Through this deal, the money transfers to Ethiopia can happen via the Amole wallet, cash pick-up, bank accounts to over 2,500 locations in the country.
Amole helps users use digital services to ensure better payments; it offers digital products which enable the smooth completion of transactions conveniently.
The deal with Flutterwave will make the country have safe and quick transaction capabilities impacting more than 8 million members in Ethiopia. The annual remittances of the country to Nigeria are more than $5 billion.
The users of Flutterwave and its businesses will be able to send money through this partnership.
Ethiopia has a shortage of remittance services, including paperwork and delay in completing the process that makes it more challenging.
This partnership will solve the problem by instant money transfers without any charges. It is more streamlined, secure, and has regulatory transparency.
The partnership will help 75% of the unbanked population in Ethiopia. The country has almost 40% of the banks in the capital city. Therefore, it requires such a financial service platform.
Hence, this collaboration will help the communities and people who lack the facilities. The deal will also promote business expansions and offer small and budding businesses opportunities for business growth in these communities.
Flutterwave provides seamless financial transactions to merchants, banks, and businesses globally. This year Flutterwave has raised $170 million in the C series funding round, making it the first company ever to secure such a colossal fund. The participants in the financing round were Tiger Global Management, MasterCard, Y-Combinator, Avenir Growth Capital, and Visa Ventures. Flutterwave simplifies payment procedures for endless possibilities.
Recently Ethiopia has also allowed new entrants in the telecom industry, opening avenues to international operators.
Flutterwave has also collaborated with PayPal that helps the African countries to receive money through PayPal. With the “Pay with PayPal” feature, businesses can efficiently complete financial transactions. It helps African businesses to connect 377 million PayPal accounts globally. The company has successfully processed nearly $2 billion payments and approximately 25 million transactions in more than 33 African countries.