Flutterwave has entered a strategic partnership with Xoom, PayPal’s international money transfer service, enabling users around the world to send funds directly into Nigerian bank accounts through the fintech company’s local payment infrastructure. The collaboration is designed to simplify remittance flows, improve transaction speed and expand access to international transfers for recipients across Nigeria.
Under the new arrangement, money sent through Xoom will be processed by Flutterwave and settled in naira before being credited to accounts held with participating Nigerian banks, including Access Bank, United Bank for Africa (UBA), Zenith Bank, First Bank of Nigeria, Guaranty Trust Bank and several others. The partnership strengthens Flutterwave’s position in Nigeria’s cross-border payments market as demand for faster and more reliable remittance services continues to grow.
Brandspur Brand News reports that the agreement also places Flutterwave within PayPal’s broader payments ecosystem, months after fintech company Paga announced its own partnership with PayPal to facilitate inbound transactions into Nigeria. While both companies now support PayPal-linked money flows through different services, neither has described the developments as a direct competitive move.
Nigeria remains the largest recipient of personal remittances in Sub-Saharan Africa, attracting more than $20 billion in inflows in 2024. Despite the size of the market, individuals and businesses have continued to face challenges receiving international payments due to settlement delays, foreign exchange constraints and fragmented payment channels.
The latest partnership combines Xoom’s international transfer network with Flutterwave’s compliance systems and banking relationships, creating an additional channel for Nigerians abroad to send money to family members, freelancers, businesses and other beneficiaries through local bank accounts.
The agreement also reflects increasing competition among financial technology companies seeking to strengthen their presence in Nigeria’s rapidly expanding digital payments sector. As remittance volumes continue to rise and digital financial services gain wider adoption, partnerships between global payment providers and local fintech firms are expected to play a larger role in improving cross-border payment infrastructure.
With Nigeria’s digital economy continuing to expand, the collaboration is expected to support faster and more seamless international transfers while reinforcing Flutterwave’s growing footprint in Africa’s evolving fintech ecosystem.
