- The Bank of Ghana has granted Flutterwave, a Nigerian fintech, a Payment Service Provider licence (Enhanced Category).
- The Enhanced Category Payment Service Provider licence will enable the company to operate independently, without third-party services, simplifying payment processes for businesses and customers.
- The licence will further empower Flutterwave to support other licensed fintech companies in Ghana by offering essential payment services and promoting a more integrated and efficient financial ecosystem.
According to the company, this development translates to more seamless and secure money transfers across the country, with businesses benefitting from the direct collection and payout services, automated invoicing, payment links, and a checkout solution that supports multiple payment methods including cards, mobile money, and bank transfers.
“Ghana presents an exciting market for Flutterwave’s innovative solutions. With a stable democracy, a tech-savvy youth population, and a high mobile internet penetration rate of 71%, Ghana is well-positioned for rapid digital adoption.
“The country’s digital payments market is projected to reach $7 billion in 2024, with an anticipated growth rate of 15.78%, resulting in a total value of $12.96 billion by 2028,” Flutterwave highlighted.
Olugbenga ‘GB’ Agboola, Founder & CEO of Flutterwave expressed that securing this licence in Ghana brings the company a step closer to achieving their goal, uniting the fragmented payment infrastructure in Africa.
He added that the company is committed to promoting economic growth while also providing unparalleled service to all our prospective customers in Ghana and in the diaspora.
This development follows the Bank of Mozambique granting Flutterwave approval in principle for its payment aggregator license two months ago, allowing the platform to expand its services into Mozambique.
In June 2024, Flutterwave laid off around 30 employees representing about 3% of its total workforce following an announcement to reposition its business on remittance and enterprise services, which are its main sources of revenue.
In July, 2024, the company announced a partnership with Nigeria's Economic and Financial Crimes Commission (EFCC) to build and equip a Cybercrime Research Centre to intensify the fight against internet crime and promote secure online transactions.
