Flutterwave has secured a payment service provider licence from the Bank of Ghana, marking an expansion of its operations in Africa. This licence lets the company offer a range of payment services directly within and through Ghana.
Ghana’s tech-savvy youth population and high mobile internet penetration ideally position the country for digital growth. Projections indicate that the country’s digital payments market will reach $7billion by 2024, with the potential to increase to $12.96billion by 2028, growing at a rate of 15.78 per cent.
The new licence enables Flutterwave to facilitate seamless and secure money transfers, provide direct collection and payout services, and offer automated invoicing. It also supports various payment methods, including cards, mobile money and bank transfers.
Additionally, the licence lets Flutterwave assist other licensed fintech companies in Ghana, fostering a more integrated and efficient financial ecosystem.
“When we started this journey, our goal was to unite the fragmented payment infrastructure in Africa, and securing this licence in Ghana brings us a step closer to achieving that mission,” said Olugbenga ‘GB’ Agboola, founder and CEO of Flutterwave.
“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 ”
Oluwabankole Falade, chief regulatory officer at Flutterwave, also added: “We are grateful to the Bank of Ghana for their trust and support in granting us this licence. 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.”
