Flutterwave, Visa partner to launch new payment system for Africa
A new consumer payment product for Africa has been launched, courtesy of Fintech startup Flutterwave and Visa, reports TechCrunch.
Dubbed GetBarter, the app payment platform aims at facilitating personal and small-scale payments within countries and across Africa’s national borders.
According to TechCrunch, Flutterwave and Visa will focus on building a GetBarter user base across mobile money and bank clients in Kenya, Ghana, and South Africa, with plans to grow across the continent and reach those off the financial grid.
Visa cardholders can send and receive funds at home or internationally on GetBarter.
The product also lets non-cardholders (those with accounts or mobile wallets on other platforms) create a virtual Visa card to link to the app.
Flutterwave CEO Olugbenga Agboola — aka GB is reported by TechCrunch as saying that the app also creates a network for clients on multiple financial platforms, such as Kenyan mobile money service M-Pesa, to make transfers across payment products and national borders, and to shop online.
“In phase one we’ll pursue those who are banked. In phase two we’ll continue toward those who are unbanked who will be able to use agents to work with GetBarter,” Agboola is quoted as saying.
Flutterwave and Visa will generate revenue through fees from financial institutions on cards created and on fees per transaction.
A GetBarter charge for payment in Nigeria is roughly 40 Naira, or 11 cents, according to Agboola.