One of the global financial technology leaders, FIS, recently expanded its payment processing capabilities into the rapidly growing markets of Malaysia, South Africa and Nigeria.
The move was part of efforts to continue to build on its footprint as a leading global acquirer.
According to a statement, 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 140 million transactions worth over $9 billion to date.
“The COVID-19 pandemic has accelerated the adoption of digital technology and fueled the growth of eCommerce around the world,” Head of Merchant Solutions at FIS, Jim Johnson said.
“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,” he added.
The recently published 2021 Global Payments Report by Worldpay from FIS projected that Nigeria’s online commerce via mobile devices would more than double by 2024 to be valued at $31 billion.
In South Africa, the e-Commerce industry was projected to be worth $9 billion by 2024 with mobile accounting for a third of the spend.
The Founder and CEO of Flutterwave, Olugbenga Agboola, 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,” he said.
Merchants doing business in these countries will be able to take advantage of Worldpay’s advanced acquiring capabilities which includes authorisation, clearing and settlement, dispute management and data insights.
