Microsoft and Flutterwave have teamed up to use financial technology (Fintech) to transform financial services and inclusion in Nigeria and other African nations, thereby accelerating economic growth and enhancing peoples’ quality of life.
Lillian Barnard, President of Microsoft Africa, announced the alliance yesterday in Lagos, stating that the company would be able to accelerate financial innovation and digital inclusion in Africa by collaborating with firms like Flutterwave.
She said that many businesses have found development and opportunity as a result of the relationship, adding that it is significant because people still struggle to get financial services to pay their bills.
In order for businesses in Africa to succeed, digital and financial inclusion are crucial, according to Barnard, who stated that 50% of the continent’s 1.4 billion inhabitants are underbanked, unbanked, and underserved.
According to her, this is the reason Microsoft and Flutterwave are working together to realize financial inclusion and the digital transformation, ensuring that millions of payments are made to businesses worldwide in a frictionless manner.
In her words, Flutterwave will be able to reach millions of merchants worldwide by utilizing the Microsoft OpenAI platform and service.
Additionally, Barnard revealed that Microsoft aims to empower and invest in 10 million Small and Medium Enterprises (SMEs) by 2025 by providing them with the necessary infrastructure, tools, and support for growth as well as assistance in forming strategic alliances.
According to her, FinTech companies are assisting small and medium-sized enterprises (SMEs) and the unorganized sector, which generates the majority of jobs in the nation—about 40% of GDPs—and accounts for seven out of ten jobs.
Speaking at the same event, Ola Williams, the Country Manager for Microsoft Nigeria, stated that 80% of Nigerians have access to mobile devices, which has fueled the expansion of the Fintech industry and increased consumer participation in mobile payments.
She stated that the flow of capital into the Fintech sector accounts for 36% of economic growth and added that Microsoft is aware of how technology can influence society for the better and create jobs through partnerships.
Flutterwave’s CEO, Olugbenga Agboola, stated that the fintech company is pleased to be on Microsoft’s cloud platform, which he claims is the platform of the future. The company’s goals are to serve billions of Africans without experiencing any outages and to provide infrastructure that will make payments extremely easy for the typical consumer in Africa or anywhere else in the world.
