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How Flutterwave Helped Ease Foreign Exchange Rate Stress In Africa

Flutterwave have contributed immensely to managing the issues associated with foreign exchange in Africa.

The CEO of Flutterwave, Olugbenga Agboola, a graduate of the MIT Sloan School of Management created this platform with foreign transactions in view. His wealth of experience as a Product Manager at Google, and as an application engineer at PayPal before founding  Flutterwave was instrumental. In honor of Agboola’s services to the promotion of technology, innovations, and economic development, President Muhammadu Buhari awarded him Nigeria’s National Honor Medal of the Officer of the Order of Niger (OON).

The fluctuation of exchange rates, which has caused the Naira’s depreciation and inflation, has been one persistent problem Nigerians have faced for years. One of the main factors contributing to Nigeria’s high inflation rate is the low exchange rate (currency depreciation) issue. This is because Nigeria imports a significant amount of consumer goods and raw commodities each year at higher rates.

The natural result of floating exchange rates, which are the norm for the majority of major economies, is currency volatility. Exchange rates are influenced by a variety of factors, such as a nation’s economic performance, the likelihood of inflation, interest rate differences, capital movements, and more. A currency’s exchange rate is often influenced by how well or poorly the underlying economy is doing. As a result, the value of a currency may change suddenly. Since they rarely need to, many people do not pay attention to currency rates. Normal person uses their local currency to conduct their everyday business. Only sporadic activities, such as international travel, import payments, or international remittances, put exchange rates in the spotlight.

Flutterwave, a technical software partner for banks and financial services companies, combines Visa Direct, Foreign Exchange Rates, and Payment Account Attributes Inquiry to make new features like digital payments convenient for customers throughout Africa and beyond. International payments and transactions are now frictionless thanks to Flutterwave. Customers’ payments can be received using Flutterwaves and transmitted straight to your bank account or Flutterwave Wallet.

International travelers do not need to be concerned about the strength of their currency because Flutterwaves makes payments affordable in either case. Flutterwave has benefited Nigerian businesspeople and travelers abroad in a variety of ways, particularly when paying for hotel reservations and other services. Additionally, people who live abroad can conveniently send money to family members without worrying about outrageous foreign currency rates. Local businesses gain when tourists or members of the diaspora want to buy from them. Payment can be done quickly and transferred to their local bank account or wallet.

Are you excited to grow your company internationally but concerned about how to access your money without having to register a foreign or domestic account? If you want simple transactions, opening a Flutterwave account is exactly what you need.

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