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Flutterwave Announce Partnership With SHiiP to Improve Deliveries For SMEs And Large Scale Merchants

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Flutterwave-Investors King

Nigerian fintech giant Flutterwave has announced a partnership with SHiiP, a local and international cargo delivery company, to improve deliveries for small and medium-sized enterprises (SMEs) as well as large-scale merchants across Africa.

This partnership will see SHiiP integrated into the Flutterwave store, to provide business owners in Nigeria the ability to organize and track delivery couriers directly from their Fluttwerwave dashboard, free from hassles.

These merchants will be presented with a plethora of domestic and international couriers which include Shippo, UPS, Flo Express, FedEx, DHL, etc, for the transportation of goods at cheaper delivery rates.

Speaking on the remarkable collaboration, Flutterwave’s Head of Product Marketing Onyedikachim Nwakwo said,

“We are delighted to be partnering with SHiiP as we share the same goal to make the ecosystem of commerce simpler and more empowering for SMEs and large-scale merchants in Africa. The benefits of this integration to our customers will be immensely valuable to their customer satisfaction. We provide ourselves in continuing to provide merchants with innovative technology and tools that are designed to help grow their business.”

Also commenting on the partnership is the Co-Founder, COO & Head of Products SHiiP Ridwan Rasheed who said that the company is excited about the partnership.

In his words “It is a significant milestone for both companies and represents our commitment to driving innovation and enabling the growth of African business through seamless shipping options. Flutterwave merchants can now offer dependable and cost-effective shipping services to their customers without having to worry about the logistical issues of delivering items across the continent”.

Investors King understands that the Flutterwave store which offers merchants an easy way to launch and manage their e-commerce business, has over 40,000 SMEs using the store. Hence, the partnership with SHiiP will provide SMEs and online shoppers with a smooth transaction check out, and also enable merchants to successfully ship Internationally. Merchants will no longer be faced with the challenge of cross-border logistical services.

With the understanding that SMEs are the backbone of any economy, and according to World Bank that 90% of SMEs across the world employ over 50% of the global workforce, Fluttwerwave has continued to remain committed to ensuring the growth of SMEs in Nigeria and across Africa.

For over 5 years, Flutterwave has been at the forefront of helping small and medium-sized businesses receive payments from their customers across the globe. With an infrastructure reach in 34 African countries processing over 140 million transactions worth over $9 Billion and over 300000 customers served, the fintech startup has continued to help businesses receive payments seamlessly. 

In February 2022, Flutterwave introduced Flutterwave Capital, a loan for SMEs, which is offered in partnership with the company’s lending partners such as CashConnect Microfinance Bank, MoneyWise Microfinance Bank, Wema Bank, Zenith Bank, Stanbic IBTC Bank, Sterling Bank. 

The Fluttewave capital seeks to enable businesses easily access loans without collateral, cumbersome documentation, and other stringent terms and conditions, as eligible applicants can access the funds they need in less than 2 business days.

Currently, only Flutterwave businesses in Nigeria can access loans but the company says it is working to make it available to its businesses in Kenya, South Africa, and other African markets where it operates.

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Flutterwave Celebrates Inclusion in CNBC’s Top 250 Global Fintechs

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Flutterwave has been recognized as one of the Top 250 Fintech companies globally by CNBC and Statista.

Joining the ranks of industry giants like Ali Pay, Klarna, Piggyvest, and Mastercard, this accolade underscores Flutterwave’s impact on the financial technology sector.

This honor follows Flutterwave’s recent inclusion in Fast Company’s Most Innovative Companies list, highlighting the company’s pivotal role in transforming Africa’s payment landscape.

The recognition is a testament to Flutterwave’s dedication to innovation and excellence in providing seamless payment solutions across the continent.

Expressing gratitude, Flutterwave acknowledged its talented team, supportive board, reliable partners, and loyal customers for contributing to this success.

The company continues to drive progress in the fintech industry, reinforcing its commitment to enhancing financial accessibility and inclusion in Africa and beyond.

Flutterwave’s recognition on these prestigious lists marks a proud moment and a significant milestone in its journey, reflecting the company’s growing influence and leadership in the global fintech arena.

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Nigeria Sees 31% Increase in POS Fraud Amid Rising Terminal Adoption

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Moniepoint

The prevalence of fraud and forgery in Nigeria’s payment system has shown a significant shift in the first quarter of 2024, with Point-of-Sale (POS) transactions experiencing the highest increase in fraudulent activities.

According to the “Fraud and Forgeries Report in Nigerian Banks” for Q1 2024 by the Financial Institutions Training Centre (FITC), POS fraud cases surged by 31.12%.

In Q4 2023, there were 2,683 reported cases of fraud associated with POS terminals. However, this number escalated to 3,518 cases by Q1 2024.

POS fraud cases made up 30.67% of the total fraud cases (11,472) recorded in the quarter under review.

Financial Impact of POS Fraud

While there was a rise in fraud cases, the amount of money involved in POS fraud declined. In Q4 2023, the total amount involved in POS fraud was NGN604.91 million.

This amount decreased by 37.74% to NGN376.59 million by Q1 2024.

Also, the amount of money lost to POS fraud saw a significant decline, falling from NGN14.62 million by 68.34% to NGN4.63 million on a quarterly basis.

The decrease in financial losses may indicate improved detection and prevention measures, but the overall rise in fraud cases highlights the need for continued vigilance.

Adoption of POS Terminals

The rise in POS fraud cases is attributed to the widespread adoption of these terminals by merchants and consumers alike.

As a cash-driven Nigerian economy, the convenience and efficiency of POS transactions have made them a popular choice.

However, this widespread adoption has also made them a target for fraudsters seeking to exploit vulnerabilities in the system.

In Q1 2023, the number of registered POS terminals increased by 218,475, from 2,318,947 in January 2023 to 2,537,422 by March 2023.

By the same quarter in 2024, the number of registered POS terminals had increased by 289,154, from 3,441,287 in January 2024 to 3,730,441 by March 2024.

Overall, between the end of Q1 2023 and Q1 2024, Nigeria witnessed an additional 1,193,019 POS terminals, marking a 47.02% increase.

Despite this increase in the number of registered POS terminals, the first quarter of 2024 saw POS transaction volumes reach 314 million, which is a significant drop of 73.81 million, or 19.03%, from the 387.81 million transactions recorded in the first quarter of 2023.

Regulatory Measures and Industry Response

The Corporate Affairs Commission (CAC) recently stated that POS agents of major fintechs in Nigeria, including OPay, Palmpay, and Moniepoint, among others, must have registered their businesses by July 7, 2024.

However, it extended the deadline by 60 days, giving operators until September 5, 2024. The CAC said the registration is aimed at safeguarding the businesses of fintechs and customers, as well as strengthening the economy.

Meanwhile, the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) condemned the mandated registration, describing it as an attempt to tax more Nigerians to generate revenue for the government.

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PalmPay Issues July 7 Deadline for POS Operators to Submit CAC Certificates

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PalmPay

PalmPay has announced a firm deadline of July 7, 2024, for all Point of Sale (POS) operators using its platform to register with the Corporate Affairs Commission (CAC) or submit their CAC certificates.

This mandate aims to ensure compliance with Section 863 (1) of the Companies and Allied Matters Act 2020 and the 2013 Central Bank of Nigeria (CBN) guidelines on Agent Banking.

In a statement released on Thursday, PalmPay emphasized the importance of adhering to these legal requirements.

“Following CAC’s directive for POS operators to register and submit their CAC details on or before July 7, 2024, PalmPay is encouraging its business users who have not yet complied with the directive to do so promptly,” the statement read.

This initiative comes in the wake of a two-month registration deadline issued by the Federal Government through the CAC, mandating POS companies to register their agents, merchants, and individuals.

The directive is part of broader efforts to bring regulatory compliance and transparency to Nigeria’s burgeoning fintech sector.

To facilitate the registration process, PalmPay has integrated the CAC registration portal into its Business App.

This integration allows operators to seamlessly register their businesses and submit the required documents, ensuring a smoother compliance process.

Umuteme Enakeno, Head of Marketing and Communication at PalmPay, reiterated the company’s support for the CAC directive.

“PalmPay fully supports the CAC’s directive. We provide 24/7 customer support and conduct weekly meetings to guide operators through the process,” Enakeno stated.

He also highlighted that operators can seek assistance through PalmPay’s customer support channels, including phone, email, or in-person visits to any of the 36 state offices across Nigeria.

PalmPay has urged all its business customers to submit or register their CAC details before the deadline.

“Register your business via the PalmPay Business App: Ensure that all necessary documents and information are provided accurately before submitting your application. Update your PalmPay account once you get the certificate to reflect your new corporate status,” Enakeno advised.

Failure to comply with the CAC registration requirement will result in the freezing of PalmPay accounts, the company warned.

This stringent measure underscores PalmPay’s commitment to aligning with national regulatory standards and fostering a compliant fintech ecosystem.

Meanwhile, the Association of Mobile Money and Bank Agents in Nigeria, representing POS operators, has indicated plans to challenge the mandatory CAC registration in court, questioning its legality and potential impact on their operations.

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