Flutterwave

Flutterwave is a payment gateway developed in Nigeria. Its infrastructure offers a cross-border solution for international payments via API integration. Our review is an introduction to Flutterwave payments and will focus on its use in online trading. We cover how it works, accepted payment formats, mobile apps, the virtual Dollar card, exchange rate charges and more.

The best trading brokers that accept Flutterwave deposits include BDSwiss and Binance.

How Flutterwave Work

Flutterwave Inc is a global payments processor. The platform uses advanced technology so companies can reach customers and accept payments across every touchpoint. Accepted transfer solutions include MPesa, POS, mobile wallets, plus credit and debit cards. The payment solution accepts 150+ currencies. Brokers simply have to install API integration to provide services to online traders.

Flutterwave also works with some established organisations including Google Nigeria to help merchants develop the skills to leverage e-commerce, and enhance their website capabilities. In addition, short-term loans are available.

History

Flutterwave was established in 2016 in Nigeria. Co-owner Olugbenga Agboola stepped up as CEO in 2018. The company founders consist of entrepreneurs, engineers and ex-bankers with a goal to simplify international payments for Africans. The owners discovered payment challenges throughout their careers in Africa with concerns around costly bank transfer fees and lengthy processing times. Thus the demand for a significant technology revamp in the region was born.

Flutterwave holds licenses to operate in Kenya, Uganda, Ghana and South Africa, amongst others, with partnerships at 50 established African banks. Global expansion has also led to the rollout of Flutterwave UK Limited and a US office.

Key milestones in the company’s relatively short history include:

• 2017 – The company extended services by introducing Rave, a business account allowing e-commerce merchants to accept payment from customers across the globe. Suppliers can integrate services with an online or physical store to accept regular payments, bills and transfers
• 2018 – The firm is granted a Super Agent license from the Central Bank of Nigeria (CBN) to provide shared agent network services and boost financial inclusion across Africa
• 2019 – The brand partners with VISA to launch GetBarter. The company facilitates low-value cross border payments between African countries
• 2019 – Flutterwave reaches a new partnership with the e-commerce marketplace, Alibaba. This allows African merchants to receive payments from Alipay’s registered users
• 2020 – The company agrees to a significant partnership with WorldPay, creating a more efficient payment system across the continent

Flutterwave has successfully raised over $220 million in investments since its acquisition. Series B and C cycles have seen its net worth grow exponentially, most recently led by the US hedge fund, Tiger Global. According to TechCrunch, the 2021 company valuation topped $1 billion. Annual report publications also show that Flutterwave processed over 100 million transactions with an impressive value of $2.5 billion.

Transaction Times

Payments to a swing trading account using Flutterwave are fast. With that said, processing times vary depending on your chosen payment method, currency and bank provider. Remember, your broker may also have specific processing timelines which can cause delays. SuperForex, for example, offers instant account funding with deposits using the transfer solution. Withdrawals, however, can take up to five working days to receipt back to the original payment method.

Pricing Review

Fees vary depending on the payment method and final destination. Although operating on a B2B pricing model, the default method is for customers to be responsible for any charges. But importantly, this is at the discretion of the merchant and can be amended.

A local payment made in the UK via credit or debit card will be charged a flat fee of 3.5% per transaction value. This is similar vs Paystack at 1.5%. Local payments to a Nigerian business address will incur a 1.4% flat fee per transaction value. International payments are charged a 3.8% fee. Remember minimum and maximum transaction limits vary between swing trading brokers.

Our review found brokers typically absorb transaction fees for Flutterwave payments. This is the case at Binance, for example, which offers free NGN deposits made via the payment host. International payments may also face additional exchange rate charges which can eat into profits.

Security

Flutterwave is a secure payment solution, making it easy for customers to deposit and withdraw from swing trading accounts. The service is PCI-DSS level 1 certified, meaning the highest level of safety is acknowledged when processing payments. Additional security certifications include a Money Service Operator’s license, ISO verification and a PA-DSS license. It is also worth checking that your broker has relevant regulatory authorisation and offers access to compensation schemes or negative balance protection.

In addition, the transfer solution offers several enhanced security measures to traders. This includes two-factor sign-in authentication (2FA), a one-time code to authorise all payments, and debit alerts via SMS or email to confirm transactions in real-time. These can all help protect against online fraud and hacking attempts.

Flutterwave also offers 24/7 customer support, similar vs PayPal or Paystack. Contact options include a phone number, email address and a live chat function.

Pros of Flutterwave for Traders

Benefits of trading with Flutterwave include:

• No Registration Needed – Traders are not required to register for an account or download a third-party platform. The solution links directly to an existing payment method
• Barter By Flutterwave Mobile App – Swing trading clients can download a mobile app, compatible with iOS and Android devices. This lets you send, request and receive money to and from portable devices. It is a convenient method for transferring funds to a trading account or adding money to a virtual card
• Virtual & Plastic Cards – Traders have the flexibility of requesting a virtual US Dollar card or a physical payment card. Withdraw cash, transfer money or use for payments, the cards are a helpful multi-purpose addition
• Payment Methods – Flutterwave supports various payment options meaning traders can choose a method that meets their needs. Accepted solutions include Mobile Money wallets, M-Pesa, plus credit and debit cards. In addition, transactions are accepted in 150+ global currencies such as USD, EUR and NGN
• Customer Support – Registered users can access a 24/7 customer service team. Regional telephone support centres, including a Nigeria and Ghana contact number, are available for help and guidance on payments, login issues, or refund disputes. Alternatively, a comprehensive FAQ page and updated YouTube channel is available via the official homepage
• Secure Transactions – The payment method implements various security features to ensure connections are safe. These include 2FA, KYC compliance and data encryption. Individual payment methods also have various safety features such as 3D secure

Cons of Flutterwave for Traders

Disadvantages of trading with Flutterwave include:

• Negative Reviews – Our review found some negative customer feedback. Criticisms include payment link scams, funds not being received, lengthy pending holding balances and refund disputes not acknowledged
• Limited Availability – Flutterwave is not a widely recognised payment method, except within Africa. As a relatively new system, many international brokerages don’t offer the payment solution
• Fees – The default fee structure for businesses and merchants is to pass charges on to the customer. While this can be manually amended by brokers, it is worth checking platforms absorb fees before making a deposit. Also be aware of sometimes costly exchange rates when transferring funds to a different base account currency. Fortunately, free currency converters are available online

How to Make Flutterwave Deposits & Withdrawals

Swing traders are not required to create an account with Flutterwave as services are facilitated through an existing bank account or payment method.

Simply look out for the payment logo within your broker’s account funding dashboard. Once located on the webpage, enter the deposit amount. Remember, brokers may have their own minimum or maximum deposit limits. Redirection to the funding interface is automatic. You will be required to enter relevant payment account details such as a credit or debit card number.

Although the firm processes payments quickly, the time taken for funds to show in your swing trading account will vary by transaction value, payment method and currency. Take care to check transaction amounts before confirming as disputes can take time to resolve.

Verdict

Flutterwave is a relatively new payment service offering secure international transactions. Although expanding throughout the UK and US, the solution is still predominately aimed towards investors in Africa. Nevertheless, it does offer a safe method to deposit to online swing trading accounts via several payment options. We were pleased with the security features, customer support, mobile app and no additional registration requirements. With that said, some negative customer reviews do cause concern, particularly around transactions not being received.

FAQ