Since obtaining a licence from the Bank of Ghana to conduct business in Ghana, Flutterwave has increased the scope of its operations throughout Africa. It will be able to provide an extensive range of payment services both directly within and across Ghana thanks to the Payment Service Provider licence (Enhanced Category).
Ghana offers a promising market for the cutting-edge products from Flutterwave. Ghana is well-positioned for rapid digital adoption thanks to its robust democracy, tech-savvy youth population, and high mobile internet penetration rate of 71%.
With an expected growth rate of 15.78%, the nation’s digital payments market is expected to reach $7 billion in 2024 and reach $12.96 billion in total value by 2028.
With Flutterwave’s licence, money transfers within Ghana would be more easy and secure for prospective clients. Direct collection and payout services, automatic invoicing, payment links, and a checkout solution that accepts cards, mobile money, and bank transfers are all advantageous to businesses.
The founder and CEO of Flutterwave, Olugbenga “GB” Agboola, 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.”
Payment procedures according to reports received by BrandSpur banking and finance news, are streamlined for both customers and businesses thanks to Flutterwave’s Payment Service Provider license (Enhanced Category), which enables it to function without requiring outside services.
Continuing, with the Enhanced Category license, Flutterwave is even better equipped to assist other fintech businesses in Ghana that are licensed by offering necessary payment services, which in turn helps to create a more cohesive and effective financial ecosystem.
Oluwabankole Falade, Flutterwave’s Chief Regulatory Officer, stated: “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.”
