FIS partners with Flutterwave to boost e-commerce in Nigeria and South Africa
Continuing to build its footprint as a global acquirer, financial technology company FIS has announced that it is expanding its payment processing capabilities into the rapidly growing markets of Nigeria, South Africa and Malaysia.
In South Africa and Nigeria, FIS is offering domestic payment processing services through its previously announced agreement with payments technology company Flutterwave, a 2016 graduate of the FIS Accelerator program.
Through its Worldpay product portfolio, FIS processes billions of transactions annually across 146 countries and more than 300 payments types in 126 currencies.
As part of its growth strategy, FIS aims to enhance its merchant acquiring presence in additional markets—enabling the company to offer its world-class payment services to local companies with global ambitions as well as rapidly growing enterprises looking to expand in these regions.
“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 Malaysia’s eCommerce market will increase 71 percent by 2024, driven by mobile shopping. Over the same period in Nigeria, online commerce via mobile devices is projected to more than double. In South Africa, the eCommerce industry is projected to be worth $9 billion by 2024 with mobile accounting for a third of the spend.
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 complements its acquiring and payment processing capabilities in these countries with a growing network of regional payments consultants that provide merchants with in-country expertise, helping them tailor their payments offerings to the local audience. In addition to Africa and Malaysia, FIS has recently added new consultants in Germany, Iberia, the Nordics, and other European locations.
“We understand that payments are personal, and merchants need local understanding of consumer behavior to ensure success,” Johnson said. “That’s why we continue to invest in deepening our global capabilities to support the growth of our merchants and fuel smarter commerce across the world.”