Nigeria’s Flutterwave, MTN, make top 100 cross-border payments leaders’ list

Nigeria’s Flutterwave, MTN, make top 100 cross-border payments leaders’ list

Nigerian payments technology company, Flutterwave, has been named among the top 100 cross-border payment companies in the world in the FXC Intelligence’s 2024 list.

The prestigious recognition places Flutterwave alongside established players like Standard Chartered Bank and Mastercard, showcasing its growing influence in the international money transfer market.

Founded in 2016, Flutterwave has become a key player in facilitating payments for businesses across Africa. This payment solutions company has appeared on FXC’s Intelligence map for four years. Flutterwave’s API-based technology streamlines the process for merchants to collect payments and make payouts globally in over 30 currencies.

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Image Credit: FXC Intelligence

As of December 2023, Flutterwave has processed over $32 billion across more than 550 million transactions. “In February 2022, Flutterwave saw its valuation grow to $3bn following a $250m Series D funding round, making it Africa’s highest-valued startup,” FXC Intelligence said.

Another African player making its mark on the list is MTN Mobile Money by MTN Group of South AFrica. Established in 1994, MTN Group offers a mobile money solution focused on the African continent. The MTN service allows users to send and receive money internationally across various African countries, facilitating mobile phone top-ups, purchases, and bill payments. Having appeared on the FXC Intelligence list for two years running, MTN Mobile’s continued presence signifies its growing importance within the African cross-border payments space. 

“It is part of MTN Group, a mobile telecoms company in Africa that has 295 million customers across 19 markets. The group’s fintech revenue grew by 21.4% to R21bn in 2023, which contributed to a 6.8% rise to R221bn ($12bn). MTN Group Fintech partnered with Mastercard to launch a prepaid virtual card for the company’s MoMo ewallet, which enables over 900 million transactions monthly across 16 African countries with more than 50 million users. Through the deal, virtual and physical Mastercards will be added to every MoMo wallet, giving users access to over 100 million acceptance locations globally,” the FXC report stated.

The list also includes players like Airtel Payments from India and M-PESA, a mobile money transfer service co-founded by Vodafone and Kenyan telecoms provider Safaricom. India’s Airtel Payments collaborates with money transfer companies like Western Union to facilitate fast money transfers between India and Africa.

“In 2023, Airtel’s African division launched a remittance transfer service with Mastercard, enabling Airtel customers in 14 African countries to send to and receive money from over 145 markets worldwide,” the report stated.

FXC Intelligence is a leading financial data company that specialises in the cross-border payments industry. It tracks and analyses data on a vast scale, providing in-depth research and market insights to businesses and consumers in the sector. The FXC Intelligence annual list of the top 100 cross-border payment companies is a highly regarded recognition within the industry.

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