Earlier today, Flutterwave announced the launch of Moneywave, an ‘omnichannel platform for payments as a service across Africa’. Moneywave is an API layer that can be integrated into your business platform. Payments of whatever type or currency — card, bank transfer, e-wallet — enter on one side and come out the other into the bucket of your choice.
‘With Moneywave APIs, we’ve successfully breached the gap between cards and bank accounts, making instant settlements a reality. So you can debit a card and get the money in an account in real time, you can debit a card and credit an m-pesa wallet in real time.’ the twitter handle tweeted.
In an interview with TechCrunch, the CEO, Iyinoluwa Aboyeji stated,
‘The problem the team aims to solve is plain to see, there’s just no universally used and accepted payment system over there. The ecosystem for payments in Africa is heavily fragmented. Anywhere in the west, you’re able to leverage your credit card to pay and get paid. If I’m a small business in Nigeria, I can’t accept cards, the overhead will kill me!.Bank accounts, while common, are often empty, and merchants are frequently informal and not actual incorporated businesses, limiting the services banks will provide. As a consequence, card transactions make up less than one percent of the billion dollars or so changing hands digitally every day…what we’re trying to do is remove the barriers between these payment instruments and channels, if what you have is mPesa, you should be able to pay into someone’s bank account. You can charge people’s cards. You can accept payments via a link on Instagram.”
It’s done instantly and with a small flat fee per successful transaction — N45, GH¢ 45 and Ksh45. Presently, moneywave is live in 5 countries and counting. It is a wonderful product and I’m really optimistic about the possibility of an acceptable payment medium all over Africa.