Flutterwave has partnered with global payments company Payful to simplify high-value cross-border transactions across Africa.
The collaboration allows Payful’s merchants to collect payments locally and settle globally, powered by Flutterwave’s multi-currency and compliant infrastructure.
According to Flutterwave’s Founder and CEO, Olugbenga Agboola, “When the time came for Payful, a leading global trade company to expand its reach into Africa, there was no better partner to power that growth than Flutterwave.”
“Through our Virtual Account solution and multi-currency platform, we enabled Payful to collect payments locally, settle globally, and scale seamlessly, all within one secure and compliant infrastructure.”
The deal makes Flutterwave the backbone for Payful’s African expansion, providing localised payment collection through virtual accounts and enabling faster, cheaper settlements for merchants trading across borders.
The integration also removes the need for Payful to encounter multiple banking systems and regulatory requirements in each country.
Africa’s payment sector is fragmented, with issues such as high transaction costs, currency fluctuations, and regulatory complexity.
Payful faced these challenges while seeking efficient ways to process large trade payments in local currencies like the naira and cedi, and settle in international currencies such as the dollar and euro.
Flutterwave’s established infrastructure provides a simplified solution to these limitations, ensuring compliance, liquidity management, and operational efficiency.
Through a simple API integration, Flutterwave issues virtual accounts that allow Payful’s merchants to receive local payments via bank transfers, a more reliable method than card payments for large transactions. Funds are then settled globally through regulated channels, maintaining transparency and security.
Flutterwave said the collaboration aligns with its mission to support global enterprises looking to enter or scale within Africa. The company noted that its platform removes the burden of integrating multiple financial systems, handling foreign exchange risks, and meeting diverse regulatory demands.
Payful, which operates across multiple sectors globally, sees the African market as a key growth frontier. The company’s focus, it said, is to make payments for its African merchants as “seamless and reliable as they are everywhere else in the world.”
