The Bank of Ghana has awarded the Nigerian fintech company Flutterwave a Payment Service Provider licence (Enhanced Category).
With the Enhanced Category Payment Service Provider license, the company can operate without third parties, simplifying customer and enterprise payments.
With the license, Flutterwave will be better equipped to assist other licensed fintech businesses in Ghana by providing necessary payment services and encouraging a more cohesive and effective financial ecosystem.
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Flutterwave to support Ghana’s financial industry
The company claims this development will result in more secure and easy nationwide money transfers. Businesses will also profit from automated invoicing, payment links, direct collection and payout services, and a checkout solution that accepts cards, mobile money, and bank transfers, among other payment methods.
Flutterwave’s innovative goods are promising in Ghana. Since Ghana has a strong democracy, tech-savvy young, and 71% mobile internet penetration, digital adoption is fast.
According to Flutterwave, the nation’s digital payments market is expected to increase at 15.78%, reaching $7 billion in 2024 and a total value of $12.96 billion by 2028.
The CEO and founder of Flutterwave, Olugbenga “GB” Agboola, stated that acquiring this license in Ghana brings the company one step closer to unifying the dispersed payment infrastructure in Africa.
In addition, he stated that the business is dedicated to supporting economic expansion and offering unmatched customer care to all potential clients in Ghana and the diaspora.
Flutterwave’s Expansion: Securing Licenses in Ghana and Mozambique
The license Flutterwave secured in Ghana comes two months after the Bank of Mozambique gave Flutterwave preliminary permission for its payment aggregator licence, enabling the platform to extend its services into the country.
Following an announcement to refocus its operations on its primary income streams of remittance and enterprise services, Flutterwave laid off about 30 workers in June 2024, or roughly 3% of its staff.
The business announced in July 2024 that it will collaborate with the Economic and Financial Crimes Commission (EFCC) of Nigeria to establish and equip a Cybercrime Research Centre. The aim is to step up efforts to combat cybercrime and advance safe online transactions.
Read also: CBK to Give Payment Licenses to Fintech Startups
About Flutterwave
Flutterwave was founded by a group of seasoned African financial and technology professionals from Standard Bank, PayPal, and Google Wallet, among others, in 2016. Flutterwave aims to establish a payment infrastructure that will link Africa to the world economy.
They achieve this by developing infrastructure, tools, and technology for companies and banks that wish to provide their clients with a more secure and smooth payment experience.
The company is one of the payment firms with the highest rate of growth worldwide. In the more than 33 African nations where it currently conducts business, Flutterwave has handled 25 million transactions and nearly $2 billion in payments since its founding.
It has attracted significant investments from experienced Fintech investors, like Ycombinator Continuity Fund (owners of Stripe), Greycroft (investors in Braintree and Venmo), Greenvisor Capital, Omidyar Network, and Glynn Capital. At the Apps Africa Innovation Awards in 2017, Flutterwave was honoured as the top fintech firm in Africa.