Flutterwave, a pioneering payments technology company, has received an Enhanced Payment Service Provider license from the Bank of Ghana, marking a significant step forward in its African expansion. This new license enables Flutterwave to provide an extensive range of payment services within Ghana, further integrating the nation’s financial ecosystem.
Ghana, known for its stable democracy and vibrant, tech-savvy youth population, offers fertile ground for digital innovation. With a mobile internet penetration rate of 71% and a digital payments market projected to grow from $7 billion in 2024 to nearly $13 billion by 2028, the country’s embrace of digital financial solutions is rapidly accelerating. This environment presents an ideal opportunity for Flutterwave to enhance financial inclusion and streamline payment processes.
For Ghanaian businesses and consumers, Flutterwave’s new license means more secure and seamless money transfers across the country. The company’s offerings include direct collection and payout services, automated invoicing, payment links, and a versatile checkout solution that supports various payment methods, such as cards, mobile money, and bank transfers. This development is set to simplify financial transactions, making it easier for businesses to operate and grow.
Olugbenga ‘GB’ Agboola, Founder & CEO of Flutterwave, expressed his enthusiasm: “Securing this license in Ghana is a significant milestone in our mission to unify Africa’s fragmented payment infrastructure. We are dedicated to promoting economic growth in the region by providing unparalleled services to our customers in Ghana and the broader diaspora.”
The Enhanced Category license allows Flutterwave to operate without relying on third-party services, thereby streamlining payment processes. It also empowers the company to support other licensed fintech firms in Ghana, contributing to a more integrated and efficient financial ecosystem.
Oluwabankole Falade, Chief Regulatory Officer at Flutterwave, highlighted the company’s commitment to regulatory compliance and secure payment solutions. “We are grateful to the Bank of Ghana for their trust and support. This license underscores our dedication to supporting Ghana’s dynamic business environment and enhancing financial inclusion for Ghanaians everywhere.”
As Flutterwave continues to expand its footprint across Africa, its role in shaping the continent’s digital financial landscape becomes increasingly vital. The company’s infrastructure spans 34 African countries, making it a key player in enabling local and cross-border transactions.
Reflecting on this growth, one might ask: How can we further explore and support the diverse financial innovations emerging across the African diaspora? Wola Africa is your trusted source for discovering and understanding these transformative African perspectives. Join our community and stay informed on the latest developments in African innovation.
For more information on Flutterwave, visit www.Flutterwave.com. For media inquiries, contact Hudson Sandler at flutterwave@hudsonsandler.com.
