Recent research from Statista projects that the total eCommerce revenue in Africa will be close to $25 billion in 2021 and with a projected annual growth rate of more than 13% could reach $40 billion by 2025. This growth potential not only provides domestic and cross-border eCommerce opportunities for merchants and retailers in the region but also opens up the continent as a major gateway in the global digital economy.
Flutterwave, Africa’s leading payments technology company, has been a key player in transforming the market by offering flexible, quick and affordable payment services to individuals and businesses across the continent. Servicing more than 290,000 businesses and processing over 140 million transactions worth over $USD 9 billion worldwide since inception, Flutterwave has gone some way to providing the suitable payment solutions Africa’s eCommerce ecosystem desires, helping to meet the demand for seamless transactions worldwide and driving continued growth by establishing trust between retailers, banks and the consumer.
Announced on April 15th, Flutterwave’s first-of-its-kind partnership with Forter will enable Flutterwave businesses to improve accuracy in identifying legitimate buyers from fraudsters, resulting in increased transaction approvals and reduced friction in the purchasing experience, all without the fear of fraud. More importantly, Flutterwave’s customers will be able to maximize growth by attracting, converting and retaining more legitimate consumers.
“At Flutterwave, we take security seriously. Every transaction made on our platform is secured and even exceeds industry standards. By working with Forter we are able to achieve our vision of creating friction free commerce in Africa. Our merchant network can focus on key business operational tasks and growth opportunities safe in the knowledge that our customers are protected against fraud. With Forter’s ability to instantly identify legitimate customers, we can further strengthen our commitment to fraud detection and security. This enables our customers to increase the volume of approved transactions, expand their business operations to reach new markets and build brand loyalty by providing an optimal, seamless and trustworthy consumer experience.”
The partnership provides Flutterwave with access to Forter’s network which processes over $200 billion in online commerce transactions and protects close to a billion consumers globally from credit card fraud, account takeover, identity theft, and more. This solidifies Flutterwave’s position as the global African payments partner of choice for multinationals looking to enter new markets, while expanding Forter’s global network of trust.
For more information, you can read the press release here.