Founded in 2016, Flutterwave has become a leader in African enterprise payments, processing over 890 million transactions valued at $34 billion to date. The company’s 2024 report highlights the company’s strides in broadening its global presence, advancing its technological capabilities, and delivering exceptional value to multinationals expanding into or across Africa.
Nearly 50% of Flutterwave businesses received payments from new geographic locations, a 12% increase from 2023. This showcases the company’s successful track record in providing the reliable payment infrastructure that enterprise businesses need to quickly deepen their presence in Africa and expand their global reach.
The company also extended its operations to Rwanda, Ghana, Uganda, and Zambia and received approval in principle from the Bank of Mozambique, bringing its total infrastructure reach to over 35 countries. Additionally, Flutterwave now supports over 150 currencies and has secured 31 additional Money Transfer Licenses in the USA, facilitating seamless cross-border transactions for its customers.
Flutterwave’s dedication to innovation is evident in its technological advancements. The company significantly enhanced its infrastructure to outsmart unpredictable industry downtimes. When payment providers and third-party dependencies experienced service disruption, Flutterwave’s success rate never exceeded the average mark. The company improved card velocity by five times, boosting fraud detection capabilities and saving hundreds of thousands in card processing fees.
In line with its commitment to helping businesses expand their reach by offering customers a variety of payment options, Flutterwave added more alternative payment methods (APMs), including Direct Debit, in Nigeria, marking a shift toward account-based payments. By facilitating customer-authenticated one-time, subscription, or recurring payments directly from their bank accounts, account-based payments offer convenience for customers, increase payment speed, and help businesses save on payment collection costs, leading to potential revenue growth.
These innovations have earned Flutterwave prestigious accolades, including being named Fast Company’s Most Innovative Company for the EMEA region in 2024 and winning “Fintech of the Year” 2024 by the African Bankers Award.
The report shared some customer success stories, a testament to Flutterwave’s unwavering commitment to providing enterprise merchants with solutions that meet their diverse payment needs. Using Flutterwave’s infrastructure, Trove Finance, a leading West African investment technology company, recorded a 100% success rate for ‘pay with bank transfers’. This demonstrates the company’s reliability and efficiency to support enterprise business success. Similarly, Flutterwave worked with streaming giants Audiomack and Showmax to give their customers a seamless payment experience.
Using insights from customers of Send App by Flutterwave, the company’s flagship cross-border retail remittance solution, across four African countries, Flutterwave also released its remittance industry report for 2024. It provides valuable insights into how cross-border remittances support communities and connect loved ones globally. About 50% of remittances received went toward basic needs like food, rent, and utilities. The remaining funds received were used for education, business investments, and even cultural celebrations, reinforcing the emotional and economic value of remittances.
In 2025, Flutterwave is well-positioned to build on the foundation created in the past 8+ years and double down on what matters most: sustainable growth and delivering seamless solutions that drive growth for businesses of all sizes.
The company will launch its next-generation API in the first half of the year, setting new standards for payment infrastructure in Africa. This innovation aims to redefine payment infrastructure in Africa, offering smoother payment experiences, easier integrations, and enhanced customer control over API functionalities. Thus, it will bring the company closer to its goal of connecting Africa to the world and vice versa with seamless payment solutions.
You can access more enterprise payment insights here.
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