SAN
FRANCISCO, Aug. 1, 2024 /PRNewswire/ -- Flutterwave,
a leading payments technology company, has recently been granted a
Payment Service Provider license (Enhanced Category) by the Bank of
Ghana. The 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.
Ghana presents an exciting
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 well positioned for rapid digital
adoption. The country's digital payments market is projected to
reach $7 billion in 2024, with an
anticipated growth rate of 15.78%, resulting in a total value of
$12.96 billion by 2028.
For potential customers in Ghana, Flutterwave's license translates to
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.
Commenting on the license approval, Olugbenga 'GB' Agboola,
Founder & CEO of Flutterwave said, "When we started this
journey, our goal was to unite the fragmented payment
infrastructure in Africa, and
securing this license in Ghana
brings us a step closer to achieving that mission. At Flutterwave,
we are committed to using our platform to promote economic growth
to the nation, while also providing unparalleled service to all our
prospective customers in Ghana and
in the diaspora "
The Payment Service Provider license (Enhanced Category) allows
Flutterwave to operate without the need for third-party services,
streamlining payment processes for businesses and customers alike.
The Enhanced Category license further empowers Flutterwave to
support other licensed fintech companies in Ghana by providing essential payment services,
ultimately promoting a more integrated and efficient financial
ecosystem.
Oluwabankole Falade, Chief Regulatory Officer at
Flutterwave, said: "We are grateful to the Bank of Ghana for their trust and support in granting
us this license. This milestone highlights our commitment to
regulatory compliance and delivering secure, reliable payment
solutions. We are excited to contribute to Ghana's dynamic business ecosystem and support
the financial inclusion of Ghanaians, both locally and
globally."
About Flutterwave
Flutterwave is the leading payments technology company that
enables businesses across the world to expand their operations in
Africa and other emerging markets
through a platform that enables local and cross-border transactions
via one Application Programming Interface (API). Flutterwave has
processed over 630M transactions in
excess of USD $31B and serves more
than 1.5m businesses, including
customers like Uber, Air Peace, Bamboo, PiggyVest, and others. The
company's key advantage is connecting businesses to various local
and international payment types to enable them to expand globally.
It also enables cross-border transactions from the diaspora to
African countries via its SendApp product. Flutterwave processes
payments via multiple payment modes, including local and
international cards, mobile wallets, bank transfers, and Google
Pay. The company has an infrastructure reach in 34 African
countries. For more information on Flutterwave's journey, please
visit www.flutterwave.com.
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SOURCE Flutterwave