Bank of Ghana grants Flutterwave payment service provider license

Flutterwave, a leading Fintech company, has obtained an Enhanced Category Payment Service Provider license from the Bank of Ghana. This development marks a significant expansion of Flutterwave’s operations in Africa, enabling the company to offer a wide range of payment services in Ghana.

Ghana’s stable democracy, digitally savvy youth, and high mobile internet rate of 71% make it an attractive market for Flutterwave’s innovative products. The country’s digital payments market is growing rapidly, with a growth rate of 15.78%, expected to reach $7 billion by 2024 and $13 billion by 2028.

The license allows Flutterwave to provide customers with efficient and secure money transfer options, including direct collection and payout services, automated invoicing, payment links, and a versatile checkout solution.

Flutterwave’s founder and CEO, Olugbenga ‘GB’ Agboola, expressed his enthusiasm at the license approval, highlighting the company’s goal to connect Africa’s disjointed payment infrastructure.

The Bank of Ghana has acknowledged Flutterwave’s dedication to providing safe payment options and adhering to regulations.

The company aims to foster economic growth in Ghana, provide exceptional service to customers, and support financial inclusion for Ghanaians locally and internationally.

The license positions Flutterwave to operate independently, simplifying payment processes for businesses and consumers. It also enables the company to support other licensed fintech companies in Ghana, contributing to a stronger financial ecosystem.

Flutterwave’s expansion in Ghana is expected to have a positive impact on the country’s digital economy, facilitating smoother transactions for businesses and individuals.

With its track record of success in other African countries, Flutterwave is poised to make a significant impact on Ghana’s financial services sector.

The company’s innovative payment solutions will benefit various sectors of the Ghanaian economy, from small businesses to large corporations, streamlining operations and boosting economic activity. This development aligns with the growing trend of digital transformation across Africa, positioning Ghana as a key player in the continent’s fintech landscape.