Standard Bank group and Flutterwave have partnered to provide enhanced digital payments experience for banking customers in nine African countries.
Standard Bank is Africa’s largest bank by assets while Flutterwave is Africa’s leading payments technology company.
The new partnership is to enhance digital payments experiences for the bank’s customers in Nigeria, Zambia, Tanzania, Uganda, Ghana, Mauritius, Cote D’Ivoire and Malawi.
Flutterwave and Standard Bank are collaborating to build e-commerce, card issuing, payments, collections, USSD, lending, and buy-now-pay-later capabilities for millions of Africans.
The integration, according to the bank, will help its customers including individuals, SMEs, large companies and institutions to fully leverage the power of digital payments and e-commerce to grow their businesses.
Commenting on the development, founder and chief executive officer of Flutterwave, Olugbenga GB Agboola, said: “we are proud that Flutterwave’s white label services power digital efforts for top banks in Africa. Our partnership with Standard Bank demonstrates that fintechs and banks are not competitors but trusted partners with the key focus being the customer.
We plan to grow financial and digital inclusion through this partnership and in the long run, we expect to generate more jobs in the digital economy and enable rapid business growth across the continent”.
Similarly, the chief executive officer, Stanbic IBTC Holdings, Dr. Demola Sogunle, reinforced the importance of the partnership to Stanbic IBTC customers.
“In its over three decades of existence, Stanbic IBTC has a rich heritage of serving customers and contributing to the growth of the Nigerian economy. At Stanbic IBTC, we see Nigeria as our home and we drive her growth. The selection of Flutterwave as our digital transformation partner reflects our resolve to deliver real impact and opportunities to our various customers,” he pointed out.
Also speaking during the announcement, the head, Wholesale Clients, Stanbic IBTC Bank, Eric Fajemisin, said: “This partnership with Flutterwave is one that gives credence to that and enables us connect with our clients via digital platforms further reiterating our well-earned status as their partner as they also transform within their businesses.”