Emma Okonji
Microsoft, a global technology company and Flutterwave, a global payment company, have entered into a five-year strategic partnership that will enable Flutterwave ride on Microsoft’s intelligent cloud and intelligent edge to boost payment innovation for merchants across Africa.
Announcing the partnership at a press conference in Lagos recently, both technology companies said the Small and medium sized enterprises (SMEs), remained crucial to Africa’s progress and development, adding that the collaboration will further enhance payments for merchants and SMEs across Africa.
Current estimates are that around 90 per cent of the continent’s population is employed within SMEs. Beyond employment, these businesses are often at the forefront of innovation, providing solutions to Africa’s most pressing societal challenges.
Though small businesses and startups are the bedrock of the African economy, they are required to navigate enormous obstacles simply to succeed. Research from the African Union Development Agency explains that around five out of seven SMEs in Africa will fail in their first year. Similarly, the average startup failure rate in Africa sits at around 54 per cent.
Speaking about the partnership and its benefits to customers, Country Manager, Microsoft Nigeria, Ola Williams, said: “To drive sustainable growth in Nigeria, small businesses need the ability to participate more actively in the local and even global marketplace. This begins with digital financial inclusion. If we want to build a more resilient country and ultimately a more prosperous continent, we must begin by giving these businesses the digital financial services they need, not just to survive, but to thrive.”
Commenting on the partnership, Founder and CEO of Flutterwave, Olugbenga ‘GB’ Agboola, said: “In our journey at Flutterwave, we have always strived to touch lives by simplifying payments and connecting dreams to opportunities. Today, as we join hands with Microsoft, it feels like a family reunion of visionaries and go-getters. The excitement in our team is palpable because this partnership is not just about transactions – it’s about transformation. We are honoured that Microsoft believes in our vision and trusts our capability. I am proud to say we are not just dreaming of an inclusive digital Africa; we are creating it.”
The Director General, National Information Technology Development Agency (NITDA) Kashifu Inuwa Abdullahi, who delivered the keynote at the conference, highlighted the importance of technology innovation for economic growth.
Country Manager, Dell Technologies, Nigeria, Abimbola Owoeye, in his address, challenged Nigerian startups to develop technology solutions that are scalable and could transform the Nigerian and African economy.
Chairman, CWG Plc, Philip Obioha, said technology innovation remained key for business growth across Africa, and he challenged Africans to develop infrastructure that could drive technology development across the African continent.
Chief Operating Officer, CWG Plc, Afolabi Shobande, said: “Innovation is key to sustaining business growth and Africa must be part of the technology innovation drive. Startups must embrace innovation that can solve specific challenges. CWG has remained competitive in business over the years because of its investments in innovation.”
