Standard Bank has partnered with payment technology company Flutterwave to improve its digital payment experience for its customers in eight African countries.
The targeted countries include Nigeria, Zambia, Tanzania, Uganda, Ghana, Mauritius, Cote D’Ivoire, and Malawi.
The partnership will see Africa’s largest bank by assets and Flutterwave collaborate on e-commerce, card issuing, payments, collections, USSD, lending, and buy-now-pay-later capabilities for its customers.
“Our partnership with Standard Bank demonstrates that fintech and banks are not competitors but trusted partners with the key focus being the customer. We plan to grow financial and digital inclusion through this partnership and in the long run, we expect to generate more jobs in the digital economy and enable rapid business growth across the continent” Olugbenga GB Agboola, Founder and CEO of Flutterwave said.
Speaking during the announcement, Margaret Nienaber, CEO of Client Solutions at Standard Bank said the partnership would enable the institution to meet the digital need of its clients.
“Today’s announcement is an important step in Standard Bank’s platform journey expanding from our leadership position in traditional financial services to meet clients on the digital platforms where they are shopping, socialising and doing business.
“Partnerships with innovative fintech like Flutterwave underpin our strategy by integrating our scale and expertise across the African continent with the services and offerings of our partners to offer an expanded range of solutions, delivered in a seamless manner to our clients”
Flutterwave is an African-based fintech company that provides a payment infrastructure for global merchants and payment service providers across the continent.
It recently announced that it has raised $170 million. The company, which is, now valued at over $1 billion has raised $225 million in total.
According to TechCrunch, the Fintech Company has so far processed over 140 million transactions worth more than $9 billion.