Flutterwave, a leading payments technology company, has been granted a Payment Service Provider license (Enhanced Category) by the Bank of Ghana. This milestone marks a significant expansion of Flutterwave’s operations in Africa, enabling the company to offer a comprehensive suite of payment services directly within and through Ghana.
Market Potential and Services
Ghana’s Digital Landscape:
– Tech-Savvy Population: Ghana boasts a stable democracy and a tech-savvy youth population.
– High Mobile Internet Penetration: 71% mobile internet penetration rate.
– Growing Digital Payments Market: Projected to reach $7 billion in 2024, with an anticipated growth rate of 15.78%, reaching $12.96 billion by 2028.
Flutterwave’s Service Offerings:
– Money Transfers: Seamless and secure transfers across the country.
– Business Solutions: Direct collection and payout services, automated invoicing, payment links, and a checkout solution supporting multiple payment methods, including cards, mobile money, and bank transfers.
Olugbenga ‘GB’ Agboola, Founder & CEO of Flutterwave Emphasized the goal of unifying Africa’s fragmented payment infrastructure
Highlighted the commitment to promoting economic growth and providing unparalleled service in Ghana and the diaspora.
*Oluwabankole Falade, Chief Regulatory Officer at Flutterwave expressed gratitude to the Bank of Ghana for their trust and support.
he also Stressed the company’s dedication to regulatory compliance and delivering secure, reliable payment solutions
Highlighted the contribution to Ghana’s dynamic business ecosystem and financial inclusion
Strategic Implications
Enhanced Category License:
– Allows Flutterwave to operate independently, streamlining payment processes for businesses and customers.
– Empowers Flutterwave to support other licensed fintech companies in Ghana, promoting a more integrated and efficient financial ecosystem.
Flutterwave’s new license in Ghana represents a major step forward in the company’s mission to unify Africa’s payment infrastructure. By leveraging this license, Flutterwave aims to support economic growth, enhance business operations, and promote financial inclusion within Ghana and beyond.
