Flutterwave Secures Payment Service Provider License in Ghana, Expanding Operations Across Africa
Flutterwave, a leading payments technology company, has made a significant move in its African expansion by obtaining a Payment Service Provider license (Enhanced Category) from the Bank of Ghana. This milestone marks a crucial step forward for Flutterwave, enabling the company to offer a comprehensive suite of payment services directly within and through Ghana.
Ghana presents a prime market for Flutterwave’s innovative solutions. With a stable democracy, a tech-savvy youth population, and a high mobile internet penetration rate of 71%, Ghana is poised for rapid digital adoption. The country’s digital payments market is projected to reach $7 billion in 2024, with an expected growth rate of 15.78%, reaching a total value of $12.96 billion by 2028.
For potential customers in Ghana, Flutterwave’s license means more seamless and secure money transfers across the country. Businesses will benefit from direct collection and payout services, automated invoicing, payment links, and a checkout solution that supports multiple payment methods, including cards, mobile money, and bank transfers.
Flutterwave’s founder and CEO, Olugbenga ‘GB’ Agboola, expressed his excitement about the license approval, saying, "Securing this license brings us a step closer to achieving our mission of unifying Africa’s fragmented payment infrastructure." Agboola emphasized Flutterwave’s commitment to promoting economic growth in Ghana while providing exceptional service to customers in the country and abroad.
The Enhanced Category license allows Flutterwave to operate independently, streamlining payment processes for businesses and customers alike. Moreover, it enables the company to support other licensed fintech companies in Ghana, promoting a more integrated and efficient financial ecosystem.
Oluwabankole Falade, Flutterwave’s Chief Regulatory Officer, extended gratitude to the Bank of Ghana for granting the license, highlighting the company’s commitment to regulatory compliance and delivering secure, reliable payment solutions. Falade expressed excitement about Flutterwave’s potential to contribute to Ghana’s dynamic business ecosystem and support the financial inclusion of Ghanaians globally.
With this significant expansion, Flutterwave is poised to make a substantial impact in Ghana’s digital payments landscape, cementing its position as a leading payments technology company in Africa.
