Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News

Flutterwave is aiming to be the Google of payments

Onome Ohwovoriole by Onome Ohwovoriole
November 15, 2018
in Business News, Company News
Flutterwave CEO Olugbenga Agboola

Olugbenga Agboola Chief Executive Officer (CEO), Flutterwave.

Share on FacebookShare on TwitterShare on Linkedin

In a bid to sensitise the public of its plans and services, payment platform and fintech startup, Flutterwave, recently held a press conference, and Nairametrics was there. Present at the event were Olugbenga Agboola, Co-founder and Chief Executive Officer, Bode Abinfanrin, Chief Operating Officer, and Ifewa, the Chief Financial Officer.

Agboola discussed a wide variety of issues including safety, cost, and the company’s vision.

Here are key highlights from the chat:

RelatedPosts

Amidst controversies in Nigeria and Kenya, Flutterwave hires 200 trainees, increases staff base by 38%

Why Nigerian FinTechs are facing fraud charges in Kenya

Flagship product

Agboola shed light on the company’s flagship product, Rave, which can process any kind of payment for merchants.

“Rave has been operational for over two and a half years. We currently have over 25,000 direct merchants on Rave and through our partners, we have a whole lot more. Today, on Rave we have customers like Uber, Nairabox, Payporte, Alat, Medplus, Wakanow, Booking.com, as well as so many small merchants all over the world.”

What is unique about Flutterwave?

In response to a question from Nairametrics about the company’s unique selling point, Agboola stated that it was the company’s ability to process payments for merchants from anywhere in the world.

News continues after this ad


“The biggest unique thing about our company is that we are a global company, and we can help our merchants go global very easily with our infrastructure.”

He continues

“With Flutterwave platform, our customers can collect payments from their customers. We are both online and offline, because as a merchant you can collect your payment from anywhere and at anytime, however, your customer wants to pay. We cover about 98% of payment types in the world.”

Agboola also stated that a few other cards would be added soon.

Settlement cycles

The CEO also gave a rundown of the settlement times for various payments.

News continues after this ad


“For our Nigerian payments, we do T+1; you get your payment the next day. For international payment types, it depends on the risk level of our merchant. We have high risk merchants, medium risk merchants and low risk merchants.”

Low-risk merchant payments are paid almost immediately. For high-risk merchants, such as those who have to deliver goods across the country, we want to be sure both ends (the consumer and merchant) are protected. We will try and make sure the good is delivered before the merchant gets paid, so the consumer is protected.

The merchant would, however, receive notification of a pending payment, subject to delivery of the goods.

The company is working in conjunction with its settlement banks to deliver instant settlement to the low value, high volume merchants.”

Security  measures

In response to a question on security, Agboola stated that the company had some of the highest certifications in the world, including PADSS certification, ISO 27001 (the highest level of security management as a payment company).

On the threats posed by fintechs to the banking industry

He viewed fintechs as complementary to banks, rather than competitors.

“From my perspective, the future is extremely bright for banks. We don’t think fintechs can disrupt banks; at best, they can complement banks. What is most important, is your money will be kept in the bank that has the experience. We will innovate on how to make your life easy, convenient, and fast. We will complement the bank services.”

In his view, fintechs will largely be concerned with payment processing.

“What I see happening is that the banks will focus on the core banking services like lending, deposit taking and do it well, while people like us will focus on simple things such as to collect money from your customer, to send money to your family and friends, paying for airtime. The money will still be with the banks.”

Benefits to merchants

The CEO also listed the benefits of using their products, rather than dealing directly with customers, including data analytics and convenience.

“With our solution, you can see who pays you, where they pay you from, and what time they pay you. The data analytics we provide is different. The platform also enables merchants pay out funds to suppliers. Our goal as a company is to present the best merchant experience. That is the real deal breaker for merchants — to collect money in the shortest possible time.”

Costs

Agboola asserted that the company was the most pocket-friendly for merchants today.

“We charge 1.4% capped at N2,000 per transaction. If it is more than N2,000, we charge N2,000 per transaction. We are arguably the most pocket-friendly for merchants in the market today.”

Vision

Agboola also revealed the company’s audacious goal to be a key player in the global payment space.

“Our vision as a company is to be a superhighway infrastructure for payments.  As my colleague would say, the company would like to be the Google of everything payment.”

Related

Tags: FlutterwaveOlugbenga AgboolaOn the Money

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

inq
avatrade
Stanbic bank
Mega Millions
UBN
Hot forex
Access Bank
Bankers Committee
First bank






    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Nigerian Exchange loses N10 billion on sell pressure  
    • FG’s 70% broadband penetration target by 2025 achievable – MTN
    • 6 websites for online teaching jobs paying up to $35 an hour

    Follow us on social media:

    Recent News

    Bears market

    Nigerian Exchange loses N10 billion on sell pressure  

    August 17, 2022
    What Nigeria stands to gain from new National Broadband Plan

    FG’s 70% broadband penetration target by 2025 achievable – MTN

    August 17, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com