Flutterwave has obtained complete operating permits in Rwanda and Egypt as part of its African growth strategy after acquiring an electronic money issuer license that enables the business to obtain all kinds of payment instruments.
Through the licenses in Rwanda, Flutterwave users have access to additional services such as outbound and inbound remittance services, electronic transfers, and money deposits and withdrawals for approximately 13 million Rwandans.
According to Olugbenga “GB” Agboola, CEO of Flutterwave, Rwanda is essential to their aspirations for expansion in East Africa. He emphasized the firm’s dedication to bridging Africa’s financial divide and equipping MSMEs with the resources they need to grow their enterprises and the continent’s economy.
We have remained dedicated to our vision of using payments to link all of Africa to the rest of the globe from the time of our first transaction to the present when there have been over 400 million. Rwanda has always been significant to our expansion goals in East Africa as a nation widely renowned for encouraging innovation and the use of digital technologies, he said.
“The licenses will enable us to provide safe, secure, and seamless payment services for individuals and businesses in Rwanda,” said Flutterwave’s East Africa Regional Lead, Regulatory and Government Affairs, Leah Uwihoreye. Flutterwave’s East African expansion begins here.
Flutterwave announced its Payment Services Provider and Payments Facilitator licenses in Egypt two months ago. The licenses will make the platform one of Egypt’s few payment service providers with local and worldwide settlements.
Aalaa Gamal, Regional Manager, North Africa in Expansion & Partnerships, Egypt, said, “We’re excited to receive the payment services provider and facilitator licenses in Egypt.” Our licenses will make us Egypt’s foremost payment processor and digital transformation partner for global settlements, enabling our customers to grow quickly. “This is the start of our strategic successes in North Africa and the Middle East.”
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Flutterwave’s other African operations
Flutterwave, which is Africa’s most valuable startup, also said it wants to open an office in Nairobi, Kenya, as part of its plans to grow its services in East Africa. The payments giant has had a lot of trouble with the Kenyan government, and it still doesn’t have a license to operate in the country fully.
Oluwabankole Falade, Flutterwave’s top regulatory and government relations officer, said this at the third AmCham Business Summit in Nairobi, Kenya, last week.
More than 500 East African and American officials were there
The US Department of Commerce, the US Chamber of Commerce’s Africa Business Centre, and US investors will meet with East African delegates, a high-level US government delegation, US investors, and East African businesses and officials to discuss new ways to do business with Kenya and the rest of East Africa.
Mr. Falade added, “We recognise Kenya’s invaluable role in the East African region and its business-friendly environment and digital capability.” “As a San Francisco-based company with African roots, we understand the importance of empowering small business owners, an objective shared by the Kenyan administration.”
Flutterwave’s Kenyan difficulties
The Ethics and Anti-Corruption Commission (EACC) froze a number of Flutterwave’s bank accounts in Kenya following multiple charges, including assertions that the company was a major player in a money laundering network there.
The state froze approximately 52 million USD of Flutterwave’s assets. Earlier this year, the Kenyan government dropped the financial impropriety case against the Nigerian fintech company.
There are rumors that the CEO of Flutterwave, Gbenga Agboola, recently went to the country to fix the problem with the frozen money. The company has not, however, used the Central Bank of Kenya’s funding services. If the company opens a regional office in Nairobi, it might be able to do better in the country.