Startup Lagos

30-Apr-2024

Fresh News

Microsoft Joins Forces with Flutterwave to Drive Financial Innovation in Africa 1 year ago

Microsoft, a prominent multinational technology company based in the United States, has partnered with Flutterwave, a leading Nigerian fintech firm. This collaboration comes on the heels of Flutterwave's recent recognition as one of Nigeria's globally renowned brands in 2022, a development previously reported.

The partnership has drawn considerable attention and excitement from both companies.

Lillian Barnard, the President of Microsoft Africa, emphasized the pivotal role of this partnership, pointing out that many individuals in Africa still grapple with difficulties in accessing financial services to meet their day-to-day needs. Beyond addressing these challenges, Barnard stressed that the collaboration between Microsoft and Flutterwave holds the promise of unlocking new avenues for growth and success for businesses across the African landscape.

Barnard underscored the primary objectives of the partnership, highlighting their commitment to advancing financial inclusion and fueling the digital revolution. In particular, the aim is to facilitate millions of frictionless payments to businesses. Notably, Barnard pointed out that approximately half of the 1.4 billion people in Africa fall into the categories of being underbanked, underserved, or completely unbanked. She asserted that this status quo cannot persist, emphasizing the critical importance of digital and financial inclusion to drive the prosperity of African enterprises.

One of the remarkable facets of this partnership is the enhanced capability it provides to Flutterwave through the utilization of the Microsoft OpenAI platform and services. This empowerment is part of Microsoft's broader vision to empower and invest in 10 million Small and Medium-Sized Businesses (SMEs) by the year 2025. Microsoft's support extends to providing SMEs with the necessary infrastructure, tools, and support, along with assisting them in forming strategic alliances. Barnard emphasized that fintech companies, like Flutterwave, play a pivotal role in supporting SMEs and the unorganized sector, which constitutes a significant driver of economic activity in the nation. Notably, these sectors contribute approximately 40% to the nation's GDP and account for seven out of every ten jobs.

Ola Williams, the Country Manager at Microsoft Nigeria, highlighted a significant statistic: 80% of Nigerians have access to mobile devices. This widespread access has catalyzed the expansion of the fintech industry and increased consumer adoption of mobile payments. Williams pointed out that the influx of investments in fintech is a major contributor, accounting for 36% of the nation's economic growth. Olugbenga Agboola, the Chief Executive Officer at Flutterwave, also weighed in, expressing the company's longstanding commitment to improving lives by simplifying payments and connecting aspirations with opportunities.

The Microsoft-Flutterwave partnership is poised to have a transformative impact on the financial landscape in Africa, creating a path toward greater financial inclusion, growth, and prosperity for businesses and individuals across the continent.

Play audio

Share:

Comments

No comments

Add your comment

Search Blog

Categories

Recent Posts

Related Post

Solutions

Stay Connected