Flutterwave, a prominent payments technology company, has received a Payment Service Provider license (Enhanced Category) from the Bank of Ghana, signifying a notable expansion of its African operations.
Ghana, with its stable democracy, tech-savvy youth, and a high mobile internet penetration rate of 71%, is poised for rapid digital growth. The country’s digital payments market is expected to reach $7 billion in 2024, with a projected growth rate of 15.78% and a total value of $12.96 billion by 2028.
For Ghanaian customers, Flutterwave’s new license ensures more seamless and secure money transfers. Businesses will benefit from services such as direct collection and payouts, automated invoicing, payment links, and a checkout solution supporting multiple payment methods, including cards, mobile money, and bank transfers.
The Enhanced Category license enables Flutterwave to operate without relying on third-party services, streamlining payment processes for both businesses and customers. It also allows Flutterwave to support other licensed fintech companies in Ghana by offering essential payment services, fostering a more integrated and efficient financial ecosystem.
Olugbenga ‘GB’ Agboola, Flutterwave’s Founder & CEO, commented on the license approval, stating, “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 that mission. At Flutterwave, we are dedicated to using our platform to promote economic growth in the nation while providing exceptional service to our customers in Ghana and the diaspora.”
Chief Regulatory Officer Oluwabankole Falade also praised the Bank of Ghana for their trust and support in granting the license, emphasizing, “This milestone underscores our commitment to regulatory compliance and delivering secure, reliable payment solutions. We are thrilled to contribute to Ghana’s dynamic business ecosystem and support financial inclusion for Ghanaians both locally and globally.”
