Nigeria’s Flutterwave has partnered with Xoom, PayPal’s international digital money transfer service, to enable faster international money transfers into Nigerian bank accounts. The partnership connects Xoom’s global transfer network with Flutterwave’s local payment infrastructure, allowing customers in around 160 markets to send money directly to recipients in Nigeria with settlement in naira.
Partnership strengthens cross border payments
As per the agreement, Flutterwave will use its banking network to execute local settlement and convert Xoom transfers into naira. Funds will be deposited straight into recipients’ accounts at Access Bank, United Bank for Africa, Zenith Bank, First Bank of Nigeria, Guarantee Trust Bank, and other partnering banks.
Through the cooperation, Flutterwave’s local compliance procedures and financial connections are combined with Xoom’s global reach. According to the corporations, the deal is intended to reduce settlement delays and speed up international money transfers into Nigeria.
Xoom is part of PayPal’s global payments ecosystem and enables users to send money, pay bills and top up mobile phones across approximately 160 markets worldwide. Flutterwave will provide the local payment infrastructure that supports transfers into Nigerian bank accounts.
Focus on Nigeria’s remittance market
Nigeria continues to be the nation in Sub-Saharan Africa that receives the greatest personal remittances. Cross-border money transfers are a major source of household income and corporate payments, with the country receiving over US$20 billion in personal remittances in 2024.
Despite the size of the remittance market, international transfers into Nigeria have often been affected by foreign exchange constraints and settlement delays. The new partnership is intended to simplify the payment process by linking Xoom’s international network with Flutterwave’s domestic banking infrastructure.
The collaboration also supports a wide range of users, including families receiving financial support from relatives abroad, freelancers receiving payments from overseas clients and individuals earning income through international work.
Flutterwave outlines customer benefits
Founder and Chief Executive Officer of Flutterwave, Olugbenga Agboola, said millions of Nigerians rely on money sent from abroad for everyday needs.
He said the partnership would make it easier and more reliable for people in Nigeria to receive funds while remaining connected to opportunities in the global economy.
The company said integrating Xoom’s global transfer network with Flutterwave’s local payment capabilities will improve access to international remittance services and strengthen cross border payment options for customers across Nigeria.
Expanding digital payment infrastructure
Flutterwave’s expanding cross-border payments business benefits from the agreement, as the company continues to develop services that link foreign payment providers with African financial systems. While Xoom continues to offer international money transfer services via PayPal’s global network, Flutterwave will facilitate speedier transfers by handling local currency conversion and settlement.
Through a local payments partner with strong banking ties, the partnership increases Xoom’s footprint in one of Africa’s biggest remittance marketplaces. For Flutterwave, it expands access to digital remittance services for clients throughout Nigeria and increases its role in enabling foreign payments into the country.
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