Flutterwave, a renowned payments technology business, was recently granted a Payment Service Provider (Enhanced Category) license by the Bank of Ghana.
The achievement signals a significant expansion of Flutterwave’s activities in Africa, allowing the company to provide a full range of payment services directly within and through Ghana.
Ghana is a promising market for Flutterwave’s revolutionary technologies. Ghana is well-positioned for rapid digital adoption, thanks to its stable democracy, tech-savvy youth population, and 71% mobile internet usage. The country’s digital payments market is expected to reach $7 billion in 2024, with a 15.78% annual growth rate, for a total value of $12.96 billion by 2028.
For potential Ghana consumers, Flutterwave’s license means more efficient and safe money transfers across the country. Businesses will benefit from direct collection and payout services, automatic invoicing, payment links, and a checkout solution that accepts a variety of payment methods such as cards, mobile money, and bank transfers.
Commenting on the license 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, and 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 to the nation, while also providing unparalleled service to all our prospective customers in Ghana and in the diaspora ”
The Payment Service Provider license (Enhanced Category) allows Flutterwave to operate without the need for third-party services, streamlining payment processes for businesses and customers alike. The Enhanced Category license further 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, said: “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.”
