- Flutterwave, a Nigerian fintech company, has announced that its online merchants in Nigeria can now accept American Express payments, enhancing cross-border trading. It also revealed plans to expand this service to Tanzania, Rwanda, Ghana, and Uganda.
- This development allows the fintech’s merchants to tap into a new customer base, including American Express cardholders from Africa and worldwide, whether they have personal, business, or corporate cards.
- At the same time, the partnership will strengthen the American Express global network footprint in Africa, allowing its card members to use their cards to buy several goods and services at more locations on the continent.
In May 2024, American Express introduced four new credit cards in Nigeria as part of its expansion effort.
While this partnership represents a significant milestone for Nigerian merchants, in 2021, Flutterwave also collaborated with an American fintech company operating an online payments system, PayPal, to allow African merchants to receive payments from the global company’s users worldwide.
However, a quick look at the fintech's website reveals that only merchants from Kenya, South Africa, Egypt, Morocco, Mauritius, Malawi, Mozambique, and Senegal can receive payments via PayPal, indicating that Nigerian merchants are excluded.
Meanwhile, Olugbenga ‘GB’ Agboola, CEO of Flutterwave, said the new partnership aims to enable more people globally to make payments using Flutterwave in Africa. He noted that it will offer American Express cardholders more options for where to shop and what to buy globally.
“By offering American Express as a payment method, Flutterwave will make the payment process faster and simpler for American Express cardholders and improve the experience for e-commerce businesses using Flutterwave, helping them to start locally and sell globally,” he added.
Briana Wilsey, Vice President and General Manager of Global Network Services EMEA at American Express, described this development as a ‘win-win', expanding the number of locations where American Express Card Members can use their cards in Nigeria.
On August 1, 2024, the Bank of Ghana granted Flutterwave, a Payment Service Provider licence (Enhanced Category), enabling it to operate independently without third-party services, simplifying payment processes for businesses and customers. This is after its expansion into Mozambique in May 2024
