Flutterwave, a payments technology firm, has secured an Enhanced Category Payment Service Provider license from the Bank of Ghana, expanding its presence in Africa and enabling it to provide a comprehensive range of payment services.
Flutterwave targets Ghana as a desirable market for its innovative products. The nation’s robust democracy, tech-savvy youthful population, and high mobile internet usage rate (71%) make it well-suited for quick digital adoption.
With a yearly growth rate of 15.78%, the Ghanaian digital payments market is projected to reach $7 billion by 2024 and $12.96 billion by 2028.
The new license in Ghana offers customers more efficient and secure money transfers, including direct collection and payout services, automated invoicing, payment links, and a checkout solution supporting various payment methods.
Olugbenga ‘GB’ Agboola, Founder & CEO of Flutterwave, commented on the license approval: “From the beginning, our mission has been to unify Africa’s fragmented payment infrastructure. Securing this license in Ghana is a significant step toward that goal. We are dedicated to fostering economic growth in Ghana and providing exceptional service to all our potential customers, both locally and in the diaspora.”
The Enhanced Category license allows Flutterwave to operate independently of third-party services, simplifying payment processes for businesses and consumers. Additionally, this license enables Flutterwave to support other licensed fintech companies in Ghana by offering crucial payment services, thereby enhancing the overall financial ecosystem.
Oluwabankole Falade, Chief Regulatory Officer at Flutterwave, added: “We appreciate the Bank of Ghana’s trust and support in granting us this license. This milestone underscores our dedication to regulatory compliance and our commitment to delivering secure, reliable payment solutions. We are excited to play a role in Ghana’s vibrant business environment and to support the financial inclusion of Ghanaians both locally and internationally.”
