Flutterwave, the continent’s most prominent payments platform, recently announced that it had obtained licences as an Electronic Money Issuer and a Remittance Provider from the National Bank of Rwanda. The accomplishment of this approach will facilitate the company’s growth in East Africa.
With their newly acquired Electronic Money Issuer licence, Flutterwave may now legally acquire any Rwandan payment instrument. According to a statement released yesterday, Flutterwave is now authorised to provide incoming and outward remittance services, as well as deposit and withdrawal services for Rwanda’s 13.46 million residents and workers.
The announcement was met with the following statement from Flutterwave’s founder and CEO, Olugbenga “GB’ Agboola: “From our first transaction to over 400 million currently, we have remained dedicated to our mission of connecting all areas of Africa via payments and connecting Africa to the globe. Rwanda has always played a crucial role in our efforts to expand into East Africa, given its reputation as a hub for innovation and the spread of digital technologies.
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“We are delighted with the vote of confidence in granting us these licenses. With them, we will leverage our vast global reach and continuous growth in emerging markets to provide MSMEs in Rwanda with the tools they need to boost the economy, promote frictionless cross-border transactions for Rwandans, and enhance the global and Rwandan enterprises’ expansion drives.”
East Africa Regional Lead, Regulatory and Government Relations for Flutterwave, Leah Uwiroheye, said, “This is a remarkable success for the company. While Rwanda continues to execute critical changes to improve the process for conducting business and implement its Fintech Plan 2022-2027, Flutterwave continues to contribute to the achievement of a cashless economy by developing and deploying digital technology to help companies and boost economic development in the nations where we operate.”
Flutterwave in Rwanda will leverage the growing eCommerce industry
The licences will allow us to deliver safe, secure, and seamless payment services to people and companies in Rwanda. For Flutterwave, this marks the beginning of an era of growth throughout East Africa.
Businesses and individuals in Rwanda will be able to take advantage of the growing eCommerce industry with the aid of Flutterwave for Business and its suite of products, which includes a Shop, payment connections, invoices, and a checkout. Flutterwave’s Send by Flutterwave, a global money transfer service, will be among the many items introduced in Rwanda.
Rwanda’s National Institute of Statistics reports that Micro, Small, and Medium Businesses (MSMEs) account for around 97% of enterprises and generate almost 55% of the country’s total Gross Domestic Product (GDP). Hence, MSMEs are vital to the development of the economy and the creation of new jobs.