Flutterwave, a prominent payments technology company, has recently obtained an Enhanced Payment Service Provider license from the Bank of Ghana, signifying a significant advancement in its operations within Africa.
This development comes as Ghana demonstrates an environment conducive to digital growth, characterized by a stable democracy, tech-savvy youth, and a high mobile internet penetration rate of 71%. The digital payments sector in Ghana is poised for substantial expansion, with projections estimating a market value of $7 billion in 2024 and a potential total value of $12.96 billion by 2028, driven by a growth rate of 15.78%.
The licensing of Flutterwave enhances the payment experience for customers in Ghana, enabling smoother and more secure money transfers. Businesses stand to benefit from a range of services, including direct collection and payout functionalities, automated invoicing, payment links, and a checkout solution that supports various payment methods like cards, mobile money, and bank transfers.
Operating under the Payment Service Provider license (Enhanced Category) allows Flutterwave to conduct operations independently, simplifying payment operations for businesses and customers alike. Additionally, this license empowers Flutterwave to extend critical payment services to other licensed fintech companies in Ghana, fostering a more cohesive and efficient financial landscape.
Olugbenga ‘GB’ Agboola, Founder & CEO of Flutterwave, expressed the company’s dedication to unifying Africa’s fragmented payment infrastructure through initiatives like securing the license in Ghana. Agboola emphasized Flutterwave’s commitment to catalyzing economic growth within the country and delivering exceptional service to customers in Ghana and beyond. The company’s Chief Regulatory Officer, Oluwabankole Falade, commended the Bank of Ghana for their trust and backing in granting the license.
Falade underscored Flutterwave’s dedication to regulatory compliance and the provision of secure payment solutions, reaffirming the company’s enthusiasm for contributing to Ghana’s vibrant business environment and bolstering the financial inclusion of Ghanaians locally and globally.
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