Flutterwave’s Send App stable adds major global cards

• Flutterwave’s initiative offers new and existing users more flexibility and faster, secure money transfers from the U.S., UK, and Europe source markets to key African countries such as Nigeria, Ghana, Egypt, and Cameroon.
• The fintech has also secured the return of all major cards including Amex, Discover on Flutterwave’s platform as the fintech seeks to secure a greater pie of the U.S- Africa remittance flows.
• Deal further builds on recent Flutterwaves’ collaborations with Polygon and Circle Payment Network.

Payments platform Flutterwave has announced the expansion of its flagship remittance solution, Send App, across the United States (US), which by far remains the primary source of forex inflows into African countries.

The expansion across the 50 U.S. states also includes a deal that will see the return of all major cards including Amex, Discover on Flutterwave’s platform as the fintech seeks to secure a greater pie of the U.S-Africa remittance flows.

In an update on Wednesday, the company said this major industry move will provide new and existing users more flexibility and faster, secure money transfers from the U.S., UK, and Europe source markets to key African countries such as Nigeria, Ghana, Egypt, and Cameroon.

The company added that the deal represents a major step forward for Send App and it reaffirms Flutterwave’s commitment to powering seamless cross-border payments for the African diaspora.

These enhancements come with a full suite of services backed by strong regulatory compliance, operational oversight, and secure transaction processing for all SendApp customers.

Flutterwave eyes seamless payments

“This expansion brings us to a new and exciting chapter for Send App. By covering the  US, and enabling full support for all major cards in the US, the UK, and the EU, we are ensuring that neither distance nor payment options are barriers to sending love,” noted Temiloluwa Adesina, Co-Lead, Products, Flutterwave,.

“We’re making it easier than ever for Africans in the diaspora to support loved ones back home and manage international payments confidently, reinforcing our unwavering focus on supporting Africans at home and abroad with seamless payment solutions,” Temiloluwa explained.

Supported by a strong regulatory framework and a trusted network of partners, Send App will deliver faster settlements, improved reliability, and greater transaction transparency while upholding the highest standards of data protection and security.

Future-ready payment innovations

These features strengthen Flutterwave’s ability to serve customers with secure and future-ready payment innovations, including virtual accounts, stablecoins for seamless cross-border transactions, and digital asset transfer. This underscores the company’s commitment to creating the most comprehensive local and international payment solutions on the continent.

The availability of full major card support, alongside expanded US coverage, will position Send App as the ultimate cross-border money transfer solution for the African diaspora. This update builds on recent collaborations with Polygon and Circle Payment Network, reaffirming Flutterwave’s mission: connecting Africa to the global economy through a seamless, compliant, and reliable payment network.

Flutterwave’s remittance platform, Send App, is structured to facilitate cross-border transactions from the diaspora to a network of over 34 countries in Africa.  The company says it processes payments via multiple payment channels such as local and international cards, mobile wallets, bank transfers, and Google Pay.

Read also: Fresh M-PESA deal to enable remittances flow to Ethiopia from 40 countries

Key statistics and trends on remittances in Africa

• Total inflow: Africa received an estimated $100 billion in remittances in 2023, which is nearly 6 percent of the continent’s GDP.
• Economic significance: Remittances are a significant source of foreign exchange, with some countries receiving over 20 percent of their GDP in remittances.
• Comparison to other flows: In 2022, remittances ($97.4 billion) surpassed ODA ($62 billion) and FDI ($50 billion) as a source of external finance for Africa.
• Regional distribution: North and West Africa attract the highest remittance volumes, with Nigeria and Egypt being among the top recipients globally.
• Intra-Africa flows: About one-fifth of remittances originate from within the continent, representing around $20 billion in 2023.

Impact on households and the economy

• Livelihood support: Remittances help improve food security, healthcare access, and educational quality for millions of households.
• Economic stability: They are a resilient source of finance that stabilizes local currencies and supports a country’s balance of payments.
• Women’s empowerment: There is a growing focus on how remittances and diaspora capital can be used to support women’s economic empowerment through strategic investment in grassroots initiatives.

Challenges and opportunities

• High costs: The average cost of sending remittances to Africa is high, with a recent estimate of 8.4 per cent of the amount sent.
• High-cost areas: Reducing transfer costs is a key goal, as lower costs are associated with higher remittance flows and greater impact.
• Digitalization: The rise of digital remittance services is making it cheaper and more accessible for people to send and receive money.
• Data limitations: Incomplete data due to informal channels means the true volume of remittances is likely higher than officially recorded figures.