Flutterwave, a leading payments technology company, has recently secured a Payment Service Provider license (Enhanced Category) from the Bank of Ghana, allowing the company to offer a comprehensive suite of payment services directly within and through the country. This milestone marks a significant expansion of Flutterwave’s operations in Africa, paving the way for more seamless and secure money transfers in Ghana.
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 expected to reach $7 billion in 2024, with a projected growth rate of 15.78%, reaching a total value of $12.96 billion by 2028.
Flutterwave’s license enables businesses in Ghana to enjoy a range of benefits, including direct collection and payout services, automated invoicing, payment links, and a checkout solution supporting multiple payment methods such as cards, mobile money, and bank transfers. CEO of Flutterwave, Olugbenga ‘GB’ Agboola, expressed the company’s commitment to promoting economic growth in Ghana while providing exceptional service to customers locally and globally.
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. This license also empowers Flutterwave to support other licensed fintech companies in Ghana, contributing to a more integrated and efficient financial ecosystem.
Chief Regulatory Officer at Flutterwave, Oluwabankole Falade, expressed gratitude to the Bank of Ghana for their trust and support in granting the license. Flutterwave’s commitment to regulatory compliance and delivering secure, reliable payment solutions highlights its dedication to contributing to Ghana’s dynamic business ecosystem and promoting financial inclusion for Ghanaians locally and globally.
Flutterwave is a leading payments technology company that enables businesses worldwide to expand their operations in Africa and other emerging markets through a platform that facilitates local and cross-border transactions via one API. The company has processed over 630M transactions totaling more than USD $31B and serves over 1.5 million businesses, including well-known brands like Uber, Air Peace, and PiggyVest. Flutterwave’s infrastructure reaches 34 African countries, enabling businesses to connect to various local and international payment types and expand globally.
For more information on Flutterwave’s journey and innovative payment solutions, visit http://www.flutterwave.com.
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