Flutterwave, Africa’s leading financial technology company, has announced the closure of its virtual card service, Barter.
According to the leading fintech company, the decision will allow the company to focus resources on enterprise and remittance business segments.
Barter, launched by Flutterwave in 2017, initially symbolized innovation and accessibility for Nigerians seeking international payment solutions.
However, its journey has been marked by challenges, including downtime issues and merchant rejection complaints.
Flutterwave’s recent decision to sunset Barter reflects a calculated shift towards prioritizing services that resonate more strongly with its business strategy and revenue objectives.
In a statement shared with the media, Flutterwave said the decision to discontinue Barter was the result of a comprehensive analysis of market trends and consumer preferences.
The company cited the dominance of its enterprise services as the primary revenue driver, with Barter accounting for only a minute fraction of its transaction volume.
Flutterwave’s pivot towards remittance and enterprise solutions aligns with broader trends in Africa’s fintech ecosystem.
With the continent’s remittance market valued at $54 billion, Flutterwave’s remittance products, Send and Swap, aim to capture a significant share of this lucrative sector.
While the progress of these offerings remains uncertain, Flutterwave’s strategic focus suggests a concerted effort to capitalize on emerging opportunities in the financial services landscape.
As Flutterwave navigates this transition, stakeholders anticipate how its evolving business model will shape the future of fintech innovation across Africa, especially in facilitating seamless cross-border transactions and bolstering enterprise capabilities.
