Vancouver, BC – RevoluGROUP Canada Inc. (TSX-V: REVO), (Frankfurt:IJA2) (the "Company") is pleased to announce that a Definitive Agreement ("DA") has been signed with Flutterwave on May 28th 2020. The DA, signed by RevoluGROUP CEO, Steve Marshall and, Ernest Obi, of Flutterwave, for RevoluPAY® e-Wallet family remittances to be collected at African banks linked to the Flutterwave platform in: Algeria, Angola, Benin, Botswana, Burkina Faso, Cameroon, Cape Verde, Central Africa Republic, Chad, Comoros, Congo, Congo DRC, Djibouti, Egypt, Equatorial Guinea, Eritrea, Ethiopia, Gabon, Ghana, Guinea Bissau, Guinea Conakry, Ivory Coast, Kenya, Lesotho, Liberia, Malawi, Mali, Mauritania, Mauritius, Morocco, Mozambique, Namibia, Niger, Nigeria, Rwanda, Senegal, Sierra Leone, South Africa, Tanzania, The Gambia, Togo, Tunisia, Uganda, Zambia and Zimbabwe. The parties have agreed upon delivery commissions payable to Flutterwave, independent of the amount sent and per individual beneficiary delivery via RevoluPAY into African territories. The technical linking of mutual merchant payments settlement systems and the mechanism for the instant delivery of worldwide remittances is expected to be concluded within 30 days.
About Flutterwave And Their Remittance Delivery Markets
Flutterwave, specializing in African payment settlements, was founded in 2016 and is headquartered in San Francisco and Lagos Nigeria. In 2019, Flutterwave processed 107 million transactions worth $5.4 billion, according to company data. Further information concerning Flutterwave can be found at: CNN, Reuters, Techcrunch. More than half of global population growth over the next 30 years is expected to occur in Africa, according to a report from the United Nations.
About the Targeted Remittance Markets
According to the World Bank, remittances to Sub-Saharan Africa grew almost 10 percent to $46 billion in 2018, supported by strong economic conditions in high-income economies. Remittances to the Middle East and North Africa grew 9 percent to $62 billion in the same year.
The Company's Strategy Concerning the African Continent
In conjunction with today's Africa focused definitive agreement the company will draw upon the profound knowledge and relationships of RevoluGROUP Executive Director Mr. Bernard Lonis. Mr. Lonis, a diplomat and dual Senegalese/French citizen, was the consul of Senegal in Spain for approximately 7 years until late 2019, at which time he was named the consul to France in Spain. France has one of the largest populations of African migrants in Europe, a large proportion of inhabitants of its overseas departments and territories who have African roots live in the country but maintain sociocultural, economic or political ties to their country of origin. The ensemble of the French population with an African heritage is estimated to be close to 5.5 Million citizens. Remittances from African diasporas are estimated to be three times the total sum of official development assistance around the world ($429 billion in 2016) Source.
Top 40 World Bank Update
Further to the news release dated the 25th May 2020, RevoluPAY S.L. CEO, Alfredo Manresa, successfully notarized the cited legal deed on the 26th May, modifying the: paid-up share capital, operating license and corporate name to properly reflect the new licensed financial nomenclature - RevoluPAY EP S.L. The deed was same-day submitted to the Central Bank. As a result, the company and said Top 40 World Bank expect to sign the impending agreement early next week.
Links Utilized in This News Release
World Bank - https://www.worldbank.org/en/news/press-release/2019/04/08/record-high-remittances-sent-globally-in-2018
French Diplomacy - https://www.diplomatie.gouv.fr/en/country-files/africa/the-african-diaspora-in-france/
Flutterwave - https://flutterwave.com
CNN - https://money.cnn.com/2017/07/31/technology/business/flutterwave-africa/index.html
Reuters – https://www.reuters.com/article/us-flutterwave-worldpy-funding/african-fintech-flutterwave-gets-35-million-partners-with-worldpay-idUSKBN1ZK1IE
TechCRUNCH - https://techcrunch.com/2020/01/21/african-fintech-firm-flutterwave-raises-35m-partners-with-worldpay/
RevoluPAY Country List 2020 - https://revolugroup.com/site/assets/files/5590/revolupay_2018.pdf
The Company's flagship technology is the PSD2 Licensed RevoluPAY®, the Apple and Android multinational payment app. Built entirely in-house, RevoluPAY features proprietary, sector specific, technology of which, the resulting source code is the property of the Company. RevoluPAY's built-in features include: Leisure payments, travel payments, forex, retail and hospitality payments, Remittance payments, Real Estate payments, Healthcare Payments, Egaming, Esports, pay-as-you-go phone top-ups, Utility Bill payments, alternative Lending, etc. RevoluPAY is powered by blockchain protocols, and, is squarely aimed at the worldwide multi-billion dollar leisure sector and, + $595 billion family remittance market. RevoluPAY® is operated by the European wholly owned subsidiary RevoluPAY EP S.L located in Barcelona. RevoluPAY EP S.L is a fully self-licensed European PSD2 payment institution under the auspices of EU Directive 2015/2366. RevoluGROUP Canada Inc. controls 5 wholly owned subsidiaries on 4 continents.
About RevoluGROUP Canada Inc.:
RevoluGROUP Canada Inc. is a multi-asset, multidivisional publicly traded Canadian company deploying advanced technologies in the; Online Travel, Vacation Resort, Mobile Apps, Money Remittance, Mobile Phone Top-Ups, EGaming, Healthcare Payments, Esports, Invoice factoring, Blockchain Systems, and Fintech app sectors. Click here to read more.
For further information on RevoluGROUP Canada Inc. (TSX-V: REVO) visit the Company's website at www.RevoluGROUP.com. The Company has approximately 165,042,105 shares issued and outstanding.
RevoluGROUP Canada Inc.
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RevoluGROUP Canada Inc.
Telephone: (604) 685-6465
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This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.