At Flutterwave, we love seeing businesses thrive, especially when their growth opens up new markets and opportunities. That’s why we’re thrilled to collaborate with Payful, a leading global payments technology company powering seamless payments across borders. Together, we’re simplifying high-value payments across Africa.
Through this collaboration, Payful’s merchants can now collect payments locally and settle globally, securely, compliantly, and efficiently, all powered by Flutterwave’s robust payment solutions.
About Payful
Payful is a technology-driven payment solutions provider that connects businesses with a seamless global payment infrastructure. Their merchant network spans multiple sectors, enabling large transactions and smooth fund flows across borders. They enable their merchants to operate and scale effectively in complex markets.
As Payful expands into Africa, their focus is simple: to make payments as seamless for their African merchants and users as they are everywhere else in the world.
The Challenge: Navigating Africa’s Complex Payments Landscape
While Africa represents a significant growth opportunity for Payful, the fragmented payment landscape presents its fair share of challenges:
- Inefficient Payment Collection: Traditional payment methods, especially for high-value transactions common in global trades, faced high costs and low success rates. Card payments were often unsuitable for the large sums involved.
- Cross-Border Settlement Risk: Payful and its merchants needed a reliable and cost-effective way to collect local currencies (NGN and GHS) and settle them in global currencies like USD or EUR globally. The complexity, high fees, and FX volatility of traditional international transfers were a major pain point.
- Regulatory & Operational Hurdles: Operating in different African countries requires navigating distinct local regulations, obtaining specific licenses, and managing individual, complex banking relationships. This created a high barrier to entry and limited Payful’s ability to scale efficiently for its merchants.
Why Payful Chose Flutterwave ✅
To overcome these challenges, Payful needed a partner with a robust, pan-African payment infrastructure and the deep regulatory expertise to navigate these markets. They chose Flutterwave for our comprehensive payment solutions that directly addressed each pain point. Our single API infrastructure provides the simplicity and scalability they needed to expand without the operational overhead.
The Solution: Virtual Accounts for Seamless Collections
Through our Virtual Account solution, merchants referred by Payful can access localized, compliant, and efficient payment collection solutions across Africa.
Here’s how it works:
- Virtual Account Issuance: Through a simple API integration, Flutterwave issues virtual accounts to Payful, enabling them to receive payments via local bank transfers —a payment method that is cheaper and more reliable.
- Seamless Local Payments: For the users, the payment experience is seamless. They simply make a standard local bank transfer to the unique virtual account.
- Global Settlements: Working with regulated financial institutions, we ensure funds are settled in line with agreed timelines.
- Full Regulatory Compliance: Leveraging Flutterwave’s regulated infrastructure and permissions across its operating markets, Payful can deliver services in full compliance with applicable local requirements.
Thinking About Expanding Into Africa? Let’s Help You 🌍
Does this story sound familiar? If you’re a global enterprise, technology company, or payment provider looking to expand into a single or multiple African markets, we’re here to help.
Our payment infrastructure can enable you:
- Eliminate the need to integrate with multiple financial Institutions and systems across Africa.
- Provide your users with a seamless and localized payment experience.
- Manage cross-border liquidity and settlement risks
- Navigate complex regulatory landscapes with a single, compliant partner.
Let’s help you write your African story, with a single, powerful payments platform.
If you’re ready, we are too. Contact us to get started.