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FIS partners with Flutterwave to expand payment processing platform to Nigeria

Felix Oloyede

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FIS partners with Flutterwave to expand payment processing platform to Nigeria

FIS has announced on Wednesday that it is expanding its payment processing capabilities into the rapidly growing markets of Malaysia, South Africa and Nigeria.

FIS has secured a domestic acquiring license in Malaysia to provide its Worldpay payment processing platform. In South Africa and Nigeria, FIS is offering domestic payment processing services through Africa’s leading payments technology company, Flutterwave. A partner and 2016 graduate of the FIS FinTech Accelerator program, Flutterwave has processed over 140M transactions worth over $9B to date.

“The COVID-19 pandemic has accelerated the adoption of digital technology and fueled the growth of eCommerce around the world,” said Jim Johnson, Head of Merchant Solutions at FIS. “Emerging markets across Southeast Asia and Africa present fresh opportunities for global businesses. These new markets are also home to a new generation of ambitious high-growth regional brands looking to expand their footprint. Our goal at FIS is to be a true partner to these enterprises, passporting them to success wherever in the world they want to be.”

The recently published 2021 Global Payments Report by Worldpay from FIS projected that Nigeria’s online commerce via mobile devices is projected to more than double by 2024 to be valued at $31 billion. In South Africa, the eCommerce industry is projected to be worth $9 billion by 2024 with mobile accounting for a third of the spend.

Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, said the partnership highlights the importance of a connected global economy. “With the growth of digital transactions opening up new markets and opportunities for global enterprises, merchants are looking for secure payment platforms in order to do business in these markets,” Agboola added: “Our partnership with FIS supports our goal to connect global businesses to African markets, and local merchants to the world.”

Merchants doing business in these countries will be able to take advantage of Worldpay’s advanced acquiring capabilities which include authorization, clearing and settlement, dispute management and data insights. Merchants will also benefit from a seamless payments experience through a single point of integration—helping to increase acceptance, improve customer experience, and reduce fraud.

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