One of the top fintech businesses in Africa, Flutterwave, announced on Friday the introduction of Ghana Virtual Accounts, a new payment tool that lets Ghanaian consumers use Pay With Bank Transfer (PWBT) to pay merchants.
Flutterwave’s objective to streamline payments and open up endless opportunities for businesses throughout Africa is in line with this most recent breakthrough.
With the advent of static and dynamic virtual accounts, Flutterwave’s platform will enable both domestic and foreign retailers to provide more adaptable and convenient payment methods. By removing obstacles to payment collection, the company hopes to free enterprises from geographical limitations and restricted payment options.
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How Ghana Virtual Accounts Work
Flutterwave claims that the Ghana Virtual Accounts service enables merchants to create distinct bank accounts via the Flutterwave API, allowing clients to pay directly through mobile money or bank transfers.
Two kinds of virtual accounts are available with the feature:
Dynamic virtual accounts: These are intended for one-time purchases made at the register. On the payment page, customers are given a unique account number. In order for the transaction to be completed correctly, they must send the precise amount owed. Payment accuracy and security are improved by this technique.
Static Virtual Accounts: These accounts eliminate the need to create new information for every transaction by being assigned to particular clients for recurrent payments. Businesses that need long-term payment connections with their clientele will especially benefit from this capability.
Benefits of Ghana Virtual Accounts
Flutterwave outlined a number of benefits that companies and clients can anticipate from this new service:
Safe and Easy Transactions: By allowing users to approve payments straight from their mobile money platform or bank app, fraud risk is decreased.
Reduced Payment Errors: By ensuring that clients pay the precise amount due, dynamic virtual accounts help to avoid inconsistencies and minimise the need for refunds.
Faster Payment Settlements: Compared to certain other payment methods, Pay With Bank Transfer settlements for transactions are accomplished in a day. The increased settlement speed improves the cash flow of the business.
Greater Transaction Limits: Businesses can execute transactions up to GHS 2,000,000 using the Pay With Bank Transfer method, which is a significant increase over the GHS 25,000 limit for mobile money transactions. This increased cap helps companies who deal with big transactions.
Scalability for Businesses: Merchants can create single or bulk static virtual accounts to meet their expanding transaction needs, regardless of the size of their business.
Simple API Integration: Flutterwave’s API makes it easy for businesses to incorporate the feature, allowing for immediate virtual account creation and money collection.
E-Levy alerts: Flutterwave has integrated alerts to inform users of applicable E-Levy costs on eligible transactions in order to improve transparency.
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Improving Ghanaian Payment Solutions: With Ghana Virtual Accounts, Flutterwave is extending its payment alternatives and solidifying its place as a major participant in Africa’s digital payment market. The current payment options that Ghanaian consumers have access to, such as Google Pay, Apple Pay, debit and credit cards, and mobile money, are enhanced by this new functionality.
Businesses can now benefit from increased flexibility, more effective payments, and a better customer experience thanks to virtual accounts, which furthers Flutterwave’s mission to promote financial inclusion and smooth online transactions throughout Africa.