Flutterwave-Xoom Nigeria remittance partnership
Analysis based on 6 articles · First reported Jul 09, 2026 · Last updated Jul 13, 2026
The partnership is expected to increase efficiency and reduce costs in Nigeria's remittance market, benefiting Flutterwave and Xoom by expanding their customer base. It may also intensify competition among fintech firms in Africa's largest economy, potentially driving further innovation in cross-border payments.
Flutterwave, an African payments technology company, has partnered with Xoom, PayPal's international money transfer service, to enable faster and more reliable remittance transfers into Nigeria. Under the collaboration, Xoom transfers are converted by Flutterwave and settled in Nigeria — Nigerian naira, allowing recipients to receive funds directly into accounts at major Nigerian banks including Access Bank, United Bank for Africa, Zenith Bank, FirstBank of Nigeria, and GTCO Group. Nigeria is the largest remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024, but has faced challenges due to FX constraints and settlement delays. The partnership aims to address these issues by combining Xoom's global network with Flutterwave's local payout infrastructure and compliance capabilities. Olugbenga Agboola, Founder and CEO of Flutterwave, expressed excitement about being chosen by Xoom for their Nigeria expansion, highlighting the importance of remittances for families, freelancers, and individuals. The agreement strengthens Flutterwave's position in Nigeria's cross-border payments market and reflects growing competition among fintech companies in the region.
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