Continuing to build its footprint as a leading global acquirer, financial technology leader FIS®️ (NYSE: FIS) announced today that it is expanding its payment processing capabilities into the rapidly growing markets of Malaysia, South Africa and Nigeria.
FIS has secured a domestic acquiring license in Malaysia to provide its Worldpay payment processing platform. In South Africa and Nigeria, FIS is offering domestic payment processing services through Africa’s leading payments technology company, Flutterwave. A partner and 2016 graduate of the FIS FinTech Accelerator program, Flutterwave has processed over 140M transactions worth over $9B to date.
“The COVID-19 pandemic has accelerated the adoption of digital technology and fueled the growth of eCommerce around the world,” said Jim Johnson, Head of Merchant Solutions at FIS. “Emerging markets across Southeast Asia and Africa present fresh opportunities for global businesses. These new markets are also home to a new generation of ambitious high-growth regional brands looking to expand their footprint. Our goal at FIS is to be a true partner to these enterprises, passporting them to success wherever in world they want to be.”
The recently published 2021 Global Payments Report by Worldpay from FIS projected that Nigeria’s online commerce via mobile devices is projected to more than double by 2024 to be valued at $31 billion. In South Africa, the eCommerce industry is projected to be worth $9 billion by 2024 with mobile accounting for a third of the spend.
Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, said the partnership highlights the importance of a connected global economy. “With the growth of digital transactions opening up new markets and opportunities for global enterprises, merchants are looking for secure payment platforms in order to do business in these markets,” Agboola added: “Our partnership with FIS supports our goal to connect global businesses to African markets, and local merchants to the world,”.
Merchants doing business in these countries will be able to take advantage of Worldpay’s advanced acquiring capabilities which includes authorization, clearing and settlement, dispute management and data insights. Merchants will also benefit from a seamless payments experience through a single point of integration—helping to increase acceptance, improve customer experience, and reduce fraud.
FIS is a leading provider of technology solutions for merchants, banks and capital markets firms globally. Our employees are dedicated to advancing the way the world pays, banks and invests by applying our scale, deep expertise and data-driven insights. We help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in Jacksonville, Florida, FIS is a Fortune 500®️ company and is a member of Standard & Poor’s 500®️ Index. To learn more, visit www.fisglobal.com. Follow FIS on Facebook, LinkedIn and Twitter (@FISGlobal).
Flutterwave is a Payments Technology Company that helps businesses all over the world expand their operations in Africa and other emerging markets, through a platform that enables cross-border transactions via one API. Flutterwave has processed over 140M transactions worth over USD $9B to date and serves more than 290,000 businesses including customers like Uber, Flywire, Booking.com, Facebook, etc. The Company’s key advantage is international payment processing in 150 currencies and multiple payment modes including local and international cards, mobile wallets, bank transfers, Barter by Flutterwave etc. Flutterwave has an infrastructure reach in over 33 African countries, including Nigeria, Uganda, Kenya, and South Africa. For more information on Flutterwave’s journey, please visit: www.flutterwave.com