Payments technology firm Flutterwave has recently been granted a Payment Service Provider license (Enhanced Category) by the Bank of Ghana.
This achievement enhances Flutterwave’s capabilities across Africa, allowing the company to offer a full range of payment services both directly and through the country.
Ghana offers an attractive market for Flutterwave’s innovative solutions. With a stable democracy, a tech-savvy youth population, and a high mobile internet penetration rate of 71%, the nation is set for significant digital adoption. The digital payments market in Ghana is expected to reach $7 billion by 2024, with a projected growth rate of 15.78%, bringing the total value to $12.96 billion by 2028.
For potential customers in Ghana, Flutterwave’s new license means more seamless and secure money transfers throughout the nation. Businesses will have access to direct collection and payout services, automated invoicing, payment links, and a checkout solution that accommodates various payment methods, including cards, mobile money, and bank transfers.
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Commenting on the license approval, Olugbenga ‘GB’ Agboola, Founder & CEO of Flutterwave, said, “When we started this journey, our goal was to unite the fragmented payment infrastructure in Africa, and securing this license in Ghana brings us a step closer to achieving that mission. At Flutterwave, we are committed to using our platform to promote economic growth to the nation while also providing unparalleled service to all our prospective customers in Ghana and the diaspora.”
The Payment Service Provider license (Enhanced Category) empowers Flutterwave to operate without relying on third-party services, simplifying payment processes for both businesses and customers. This Enhanced Category license also enables Flutterwave to assist other licensed fintech companies in Ghana by offering crucial payment services, ultimately fostering a more integrated and efficient financial ecosystem.
Oluwabankole Falade, Chief Regulatory Officer at Flutterwave, stated, “We are grateful to the Bank of Ghana for their trust and support in granting us this license. This milestone highlights our commitment to regulatory compliance and delivering secure, reliable payment solutions. We are excited to contribute to Ghana’s dynamic business ecosystem and support the financial inclusion of Ghanaians, both locally and globally.”
