E-Financial
Flutterwave Reiterates Commitment to Better Merchants Payment Experience
With the recent change in the top management of Flutterwave Incorporated, the company says it remains committed in the drive towards ensuring that there renewed trust and security in the Nigerian payment technology sector.
Speaking at a media briefing in Lagos, Gbenga Agboola, Co-Founder and CEO of Flutterwave Inc., enumerated the company’s plans and programmes; and noted that Flutterwave is trying to build a new experience in payment in Nigeria.
According to Gbenga Agboola, the company has received certifications that attests to its ability to secure customers’ transactions. “We place a very high premium on security and trust,” he concluded. The certifications include PCI-1 licence, PA-DSS and ISO 27001.
He further pointed out that the unique feature of Flutterwave service is that they process any manner of card from across the world.
The company’s flagship application, Wave, allows merchants to collect payment from anywhere in the world, and already has over 25, 000 merchants on the platform.
Other features of the company’s services, according to Agboola include flexible settlement, connectivity via any client, flexible merchant architecture, 3D security, among others.
A Financial Technology (Fintech) company, Flutterwave, which was founded in 2016, is a payment technology company focused on helping banks and businesses provide seamless and secure payment experiences for their customers. The company says it has a team of world class entrepreneurs, financial services technologists and mobile payment experts working together to build Africa’s payment infrastructure from the ground up.
Since it was founded in 2016, Flutterwave has processed over $2.5 billion for clients such as Uber, Facebook, Transferwise, Flywire, Booking.Com among others. Some of its investors and partners include Mastercard, Omidyar Network, Y Combinator, Greycroft, Green Visor Capital, as well as other notable Silicon Valley venture firms.
Aside the $2.5 billion in payments process, the company which has 1200+ developers building on it has also processed up to 100 million transactions with 50 bank partners in Africa.
Flutterwave, last month, announced that it has completed its Series A Extension round of financing. The round of financing, according to a statement included investments from Mastercard, CRE Ventures, Fintech Collective, 4DX Ventures, and Raba Capital, among others.
To this end, Flutterwave has now raised over $20 million to date and its largest investors include Green Visor Capital and Greycroft Partners.
As part of the financing, the Chairman of Green Visor Capital, and former Chairman/CEO of Visa, Joe Saunders joined the Flutterwave Board of Directors.
The Fintech company, which recently replaced its pioneer CEO, Iyinoluwa Aboyeji, said it is building modern payments technology and infrastructure for Africa.
Its solution enables banks and merchants to replace multiple payment integrations with one simple Application Programme Interface (API), which enables processing of any form of payment anywhere in Africa.
Other features of the Flutterwave service are payment acceptance, make payouts and manage business funds from one integrated platform that helps businesses connect globally. “Processing billions around the world, we are the trusted payments partner of Nigeria businesses.”
E-Financial
Kekere-Ekun, CJN Blames Reliance on Telecom Services for Online Banking Glitches
Kudirat Kekere-Ekun, chief Justice of Nigeria and chairman of the Board of Governors, National Judicial Institute Justice has blamed telecommunications companies for the glitches experienced in the country’s banking sector.
Kekere-Ekun said this in her keynote address at the 2024 National Workshop for Justice and Judges on Legal Issues in Telecommunications with the theme, ‘The Role of the Judiciary in Accelerating Digital Transformation in Nigeria.’
The blame on telcos comes in the wake of multiple glitches in online services. On August 14, 2024, customers reported that the Guaranty Trust Bank (GTBank) website was down, leading to speculation that it had been cloned and customer data intercepted.
The CJN said, “I will like to quickly bring our attention to two issues which I consider to be pivotal and which revolve around cyber security and the attendant challenges of exploring the digital space.
“The first is the increased risk of the personal data of consumers being misused or compromised by unscrupulous persons, thus necessitating the need for improved strategies and innovation for consumer protection in the telecommunications sector.
“Also, worth noting are deficiencies in the Banking Sector and which are attributable to reliance on digital services provided by the Telecommunications Sector. There is for instance the major challenge posed by electronically backed transactions which is commonplace in the Banking Sector.”
The CJN said these glitches have led to several issues including hacking of online banking platforms as well as banks being compromised.
“Concerns in this regard include the spate of customers whose online banking platforms have been hacked, as well as banks being compromised due to technological glitches not factored into their day-to-day operations. Consequently, these and several other challenges have resulted in a number of disputes which frequently require adjudication,” she said.
Kekere-Ekun said the deployment of technology in telecommunications plays a pivotal role in the advancement economic system of any country.
She, however, said there is a need to proffer solutions to legal issues arising from digital services provided by the telecommunications sector.
“It is also my expectation that the forum will equip Judicial Officers with the technical skills required for adjudicating disputes arising from the sector and keep them abreast with global standards and best practices,” she added.
E-Financial
Ecobank Serves Customers Notice of Planned Service Disruption
Ecobank Nigeria has alerted its customers to an upcoming brief service disruption due to scheduled system maintenance on its card services.
The maintenance is set to occur from 11:00 p.m. on Thursday, November 7, 2024, until 1:00 a.m. on Friday, November 8, 2024.
In a notification to customers, the bank explained that during the maintenance window, cardholders might experience intermittent issues when using Ecobank cards on other banks’ channels.
However, the bank said all its specific channels, including ATMs and POS terminals, will remain operational.
Additionally, other digital platforms—such as the Ecobank Mobile App, USSD *326#, Ecobank Online, Omni Lite, and Omni Plus—will be fully accessible throughout the maintenance period.
The bank expressed apologies for any inconvenience, reaffirming its commitment to providing seamless banking experiences across Africa.
E-Financial
Zenith Bank Commends Customers After Successfully Unveiling Upgraded Enhanced Tech infrastructure
Zenith Bank Plc has announced that it now boasts the best technology infrastructure in the banking industry, positioning itself to provide an exceptional customer experience and superior service delivery moving forward. This upgrade follows a recent comprehensive technology enhancement.
The bank expressed its heartfelt gratitude to customers for their support and patience throughout the upgrade process, while also extending apologies for any inconveniences experienced during this time.
This announcement was made in a social media post on Wednesday, signed by Dame Dr. Adaora Umeoji, OON, the Group Managing Director/CEO.
In her message, the GMD/CEO emphasized the bank’s commitment to delivering an unparalleled service experience, stating, “We undertook this upgrade to ensure we can offer our customers the best possible service.”
Umeoji pledged that Zenith Bank will continue to innovate, ensuring that customer needs are met swiftly, safely, and conveniently.
The post read in part: “On behalf of the Board, Management, and Staff of Zenith Bank PLC, I would like to thank you for your patience and support during our IT infrastructure migration to a new and more robust operating system.
“We are truly grateful for the trust and confidence you have placed in us. The primary reason for undertaking this extensive endeavor was to better position Zenith Bank PLC for improved service delivery to all our valued customers and to create memorable banking experiences at all our touchpoints.
“While I regret the inconveniences and challenges you faced during and immediately after our migration, I am pleased to inform you that Zenith Bank PLC now has the best technology infrastructure in the industry. We are committed to ensuring you experience superior service delivery going forward.
“Rest assured, you remain our top priority, and Zenith Bank will continue to innovate and offer value-added products and services to meet all your banking needs quickly, safely, and conveniently.”
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