Moneywave, the new product by Flutterwave, is an API that lets financial products of different types connect to each other. It’s aimed at financial services in common use on the African continent.
The wide spread of financial services in use has long been a barrier to business and entrepreneurship in African nations. Customers want to pay with bank accounts, or credit cards, or cash, or a mobile payment system like m-pesa, or one of many other services. Businesses want to receive payments in a variety of formats as well. However, converting all these currencies can come with a high overhead that kills a business before it gets off the ground.
Flutterwave saw an opening for a new product – a piece of software that can convert payments of many types from the customer’s preferred format to the business’s preferred format. Flutterwave charges a much smaller fee than would be required otherwise. The company launched in August and already has two major banks signed up, with more interest from customers and investors on the way.
If you want to expand your market to an African country, consider using Moneywave to streamline your financial transactions.
By Sharon Campbell