Africa-Press – Eswatini. Flutterwave, a leading payments technology company, has obtained a Payment Service Provider license (Enhanced Category) from the Bank of Ghana.
This acquisition signifies a significant milestone in the company’s expansion throughout Africa.
This license allows Flutterwave to provide a comprehensive suite of payment services directly within Ghana, strengthening the country’s digital financial ecosystem.
Ghana is a promising market due to its stable democracy, tech-savvy youth population, and high mobile internet penetration rate of 71%, so Flutterwave anticipates rapid adoption of its innovative payment solutions.
The digital payments market in Ghana is projected to grow to $7 billion by 2024, with an expected total value of $12.96 billion by 2028, driven by a growth rate of 15.78%.
Flutterwave’s license enables seamless and secure money transfers across Ghana.
It will benefit businesses by offering direct collection and payout services, automated invoicing, payment links, and a versatile checkout solution supporting cards, mobile money, and bank transfers.
Olugbenga’ GB’ Agboola, the Founder & CEO of Flutterwave, expressed excitement about the license approval, stating, “Securing this license in Ghana brings us closer to uniting Africa’s fragmented payment infrastructure.
We are committed to driving economic growth while delivering unparalleled service to customers in Ghana and beyond.”
The Enhanced Category license allows Flutterwave to operate independently and streamline payment processes for businesses and customers.
It also positions Flutterwave to support other licensed fintech companies in Ghana, enhancing the efficiency of the financial ecosystem.
Oluwabankole Falade, Chief Regulatory Officer at Flutterwave, acknowledged the support of the Bank of Ghana, emphasizing Flutterwave’s dedication to regulatory compliance and secure payment solutions.
“We look forward to contributing to Ghana’s business landscape and promoting financial inclusion locally and globally,” Falade added.
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