Flutterwave, Africa’s leading payments technology company, today announced a collaboration with Xoom, PayPal’s international digital money transfer service, to enable fast transfers into Nigeria, one of the world’s fastest-growing digital economies.
The relationship connects Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Under this relationship, Xoom transfers are converted by Flutterwave and settled locally in NGN. This helps enable quick transfers directly into recipients’ bank accounts at Access Bank, United Bank for Africa (UBA), Zenith Bank PLC, First Bank of Nigeria, Guaranty Trust Bank, and additional participating banks across Nigeria
“We’re excited to have been chosen by Xoom for their Nigeria expansion,” said Olugbenga “GB” Agboola, Founder and CEO of Flutterwave. ”
Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders. ”
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 20241. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21% of GDP by 20272.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders. Xoom continues to expand its global footprint by strengthening local partnerships and enhancing digital-first cross-border payment experiences.
About Flutterwave
Flutterwave is the leading payments technology company that enables businesses across the world to expand their operations in Africa and other emerging markets through a platform that enables local and cross-border transactions via one Application Programming Interface (API).
Flutterwave has processed over 1 billion transactions in excess of USD $50B, serves global and African customers like Uber, Air Peace, Bamboo, PiggyVest, and across various industries.
The company’s key advantage is connecting businesses to various local and international payment types to enable them to expand globally.
Its remittance solution, Send App by Flutterwave, also enables cross-border transactions from the diaspora to African countries. Flutterwave processes payments via multiple payment modes, including local and international cards, mobile wallets, bank transfers, and Google Pay.
The company has an infrastructure reach in 34 African countries. For more information on Flutterwave’s journey, please visit www.flutterwave.com.
About Xoom
Xoom, a PayPal service, is a fast and easy way to send money, pay bills, and reload phones for friends and family in approximately 160 countries globally. Customers can send money quickly and reliably by using the Xoom or PayPal mobile app, or by visiting Xoom.com or PayPal.com.
1Source: World Bank, Personal remittances, received (current US$) – Nigeria, 2024; 2World Bank, Population, total – Nigeria, 2024; NITDA, citing remarks by Nigeria’s Minister of Communications, Innovation and Digital Economy.
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