RevoluGROUP Canada Inc. Flutterwave Definitive Agreement for RevoluPAY Remittance Deliveries to Africa

VANCOUVER, British Columbia, May 28, 2020 (GLOBE NEWSWIRE) -- 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 28^th 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.