Flutterwave, a leading payments technology company, has recently been granted a Payment Service Provider licence (Enhanced Category) by the Bank of Ghana. This significant milestone enables Flutterwave to offer a comprehensive suite of payment services directly within Ghana and enhance its operations across Africa.
Ghana presents a promising market for Flutterwave’s innovative solutions. With a stable democracy, a tech-savvy youth population, and a high mobile internet penetration rate of 71 percent, Ghana is poised for rapid digital adoption. The country’s digital payments market is projected to reach $7bn in 2024, with an anticipated growth rate of 15.78 percent, resulting in a total value of $12.96bn by 2028.
For potential customers in Ghana, Flutterwave’s new licence means more seamless and secure money transfers across the country. Businesses will benefit from direct collection and payout services, automated invoicing, payment links, and a checkout solution supporting multiple payment methods including cards, mobile money, and bank transfers.
Commenting on the licence 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. 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 in the nation, while also providing unparalleled service to all our prospective customers in Ghana and the diaspora.’
The Payment Service Provider licence (Enhanced Category) allows Flutterwave to operate without the need for third-party services, streamlining payment processes for businesses and customers alike. This enhanced license also empowers Flutterwave to support other licensed fintech companies in Ghana by providing essential payment services, ultimately promoting a more integrated and efficient financial ecosystem.
Oluwabankole Falade, Chief Regulatory Officer at Flutterwave, expressed gratitude, saying, ‘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.’
With this new licence, Flutterwave is set to play a pivotal role in advancing Ghana’s digital economy and ensuring secure and efficient payment solutions for all.
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