Flutterwave Expands Its Horizon With A New Payment Service Provider License in Ghana
Flutterwave Nigeria, a prominent payments technology company, has recently obtained a Payment Service Provider license (Enhanced Category) from the Bank of Ghana. This achievement signifies a significant expansion of Flutterwave’s operations in Africa, allowing the company to deliver a wide range of payment services directly within Ghana and beyond.
Flutterwave Ghana
Ghana represents a promising market for Flutterwave’s innovative solutions. With a stable democracy, a tech-savvy young population, and a high mobile internet penetration rate of 71%, Ghana is well-positioned for rapid digital adoption. The country’s digital payments sector is expected to reach $7 billion in 2024, with a projected growth rate of 15.78%, leading to a total value of $12.96 billion by 2028.
For potential customers in Ghana, Flutterwave’s license means more convenient and secure money transfers across the nation. Businesses will enjoy benefits such as direct collection and payout services, automated invoicing, payment links, and a checkout solution that accommodates various payment methods like cards, mobile money, and bank transfers.
In response to the license approval, Olugbenga ‘GB’ Agboola, the Founder & CEO of Flutterwave Nigeria, expressed, “Our initial aim when embarking on this journey was to unify the fragmented payment infrastructure in Africa, and obtaining this license in Ghana brings us closer to realizing that vision. At Flutterwave Nigeria, we are dedicated to leveraging our platform to foster economic growth in the country, while delivering exceptional service to all our potential customers in Ghana and beyond.”
The Enhanced Category license obtained by Flutterwave
The Enhanced Category license obtained by Flutterwave as a Payment Service Provider enables the company to streamline payment processes for businesses and customers without relying on third-party services. Additionally, this license allows Flutterwave to offer essential payment services to other licensed fintech companies in Ghana, thereby enhancing the efficiency of the financial ecosystem in the country.
Oluwabankole Falade, the Chief Regulatory Officer at Flutterwave Nigeria, expressed gratitude towards the Bank of Ghana for granting them this license. He emphasized that this achievement underscores their dedication to regulatory compliance and the provision of secure and reliable payment solutions. Flutterwave is eager to contribute to Ghana’s vibrant business environment and promote financial inclusion for Ghanaians, both locally and globally.
About Flutterwave
Flutterwave is a prominent payments technology company that facilitates global businesses to extend their reach in Africa and other emerging markets through a single Application Programming Interface (API). With over 630M transactions totaling more than USD $31B processed, Flutterwave Nigeria caters to over 1.5m businesses, such as Uber, Air Peace, Bamboo, PiggyVest, and others. Its primary strength lies in linking businesses to a variety of local and international payment methods to support their global expansion.
Additionally, it offers cross-border transactions from the diaspora to African nations through its SendApp service. Flutterwave accepts payments through various modes, including local and international cards, mobile wallets, bank transfers, and Google Pay. The company has established its presence in 34 African countries. To learn more about Flutterwave’s journey, please visit www.Flutterwave.com.
