Flutterwave, Africa’s leading payments technology company, announced on Tuesday that it has received approval from the Bank of Ghana to provide inward remittance services.
This development marks a major step in enhancing financial inclusion and simplifying payments for Ghanaians.
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Ghana’s regulations back Flutterwave remittance expansion
Flutterwave’s approval to offer inward remittance services aligns with Ghana’s supportive regulatory environment, which was established by the Bank of Ghana and the Ghana Digital Agenda.
This atmosphere has created a thriving fintech industry, with mobile money making up 60 per cent of foreign exchange inflows. The approval positions Flutterwave to streamline remittances, offering Ghanaians faster and more cost-effective ways to receive funds abroad.
Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, expressed excitement about the approval, stating, “We are excited to receive the approval to provide inward remittance services in Ghana, which marks a step in our mission to simplify payments for endless possibilities. Remittances play a vital role in the Ghanaian economy, and our goal is to make the process as seamless as possible for Ghanaians in the diaspora looking to send money home. This approval is a testament to our ongoing commitment to supporting financial inclusion and economic growth in Africa“.
Oluwabankole Falade, Chief Regulatory and Government Affairs Officer at Flutterwave added, “This approval showcases our dedication to complying with regulatory standards and our readiness to provide reliable payment solutions that address the unique needs of the Ghanaian market. We are grateful to the Bank of Ghana for their support and look forward to expanding our services in the country.“
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Flutterwave answers growing demand for reliable remittances in Ghana
The demand for seamless remittance solutions is rising as Ghanaians rely on international transfers for daily expenses and investments.
Flutterwave’s approval ensures that Ghanaians benefit from fast, secure, cost-effective remittance services. Beyond mobile money, sectors like InsurTech, LendTech, and Buy Now, Pay Later (BNPL) are also experiencing growth, presenting a diverse fintech environment.
Flutterwave’s commitment to simplifying payments aligns with Ghana’s fintech growth, which is fueled by high mobile penetration.
Ghanaians can quickly receive money using the Send App with the company’s services, improving financial inclusion. Flutterwave’s goal is to connect Africa to the globe through smooth transactions.
As Flutterwave expands its services in Ghana, it aims to support financial inclusion and economic growth by providing reliable payment solutions tailored to the Ghanaian market.