Flutterwave, a leading payments technology company, has recently been granted a Payment Service Provider license (Enhanced Category) by the Bank of Ghana. This milestone marks a significant expansion of Flutterwave’s operations in Africa, enabling the company to offer a comprehensive suite of payment services directly within and through Ghana.
Market Potential in Ghana
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.
Benefits for Customers and Businesses
For potential customers in Ghana, Flutterwave’s license translates to 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 that supports multiple payment methods, including cards, mobile money, and bank transfers.
Leadership Comments
Olugbenga ‘GB’ Agboola, Founder & CEO of Flutterwave, commented on the license approval:
“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.”
Oluwabankole Falade, Chief Regulatory Officer at Flutterwave, added:
“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.”
Enhanced Category License Capabilities
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.
Related Achievements
This achievement aligns with Flutterwave’s other notable accomplishments, such as being listed among CNBC’s top fintech companies of 2024 and joining the Milken Institute’s Africa Leaders Business Council alongside Dangote Group.
Conclusion
Flutterwave’s enhanced license in Ghana is a significant step toward uniting Africa’s payment infrastructure and promoting economic growth. By offering seamless, secure, and comprehensive payment solutions, Flutter wave is set to play a crucial role in Ghana’s digital payments market and support financial inclusion for Ghanaians both locally and globally.