- The Bank of Mozambique, the country’s central bank, has granted approval-in-principle to Flutterwave, an African digital payment company, for its payment aggregator licence.
- Due to the approval, Flutterwave can now expand its operations in southern African markets and provide its payment services in Mozambique.
- Enterprise businesses will also benefit from the development, allowing businesses looking to expand into Mozambique or Mozambican businesses looking to expand across Africa to take advantage of Flutterwave’s reach.
Flutterwave is expanding its footprint in Mozambique, where it is anticipated that over $15 billion worth of digital transactions will be made for the next four years, with a cumulative value of over $15.28 billion by 2028.
The CEO and founder of Flutterwave, Olugbenga “GB” Agboola, stated that the company aims to empower local businesses and welcome global enterprises across all industries by offering them a payment solution that promotes inclusive growth. Additionally, the company uses Flutterwave technology to meet the payment needs of individuals and businesses.
Flutterwave has already been granted licences in several Southern African countries. In November 2023, Flutterwave announced that it had secured an International Money Transfer Operator (IMTO) licence from the Reserve Bank of Malawi, enabling the smooth transfer of funds internationally within the nation. Through its Send App, Malawians living abroad and other Africans can send money home to Malawi thanks to the fintech’s licence.
Furthermore, during President William Ruto’s state visit to the United States last week, the CEO attended a meeting with the President of Kenya to discuss the fintech’s commitment to continue investing in the country.
Although the fintech had previously announced in September 2023 that it would invest $50 million in Kenya, the CEO reaffirmed the company’s commitment to making more investments there.
Beyond Africa, Flutterwave has entered the United States. Flutterwave announced in December 2023 that it had acquired money transfer licences in 13 US states, including Arizona, Arkansas, Maryland, Michigan, Delaware, Georgia, Maine, Mississippi, Missouri, New Hampshire, Iowa, North Dakota, and South Dakota.
