Olufemi Adeyemi

Flutterwave's license in Ghana enables potential customers to enjoy more streamlined and secure money transfers nationwide.

Flutterwave, a prominent payments technology company, has recently obtained a Payment Service Provider license (Enhanced Category) from the Bank of Ghana. This achievement signifies a notable expansion of Flutterwave's presence in Africa, allowing the company to deliver a wide range of payment services directly in Ghana and beyond.

Ghana offers a promising market for Flutterwave's innovative products. With a stable political environment, a tech-savvy young population, and a high mobile internet penetration rate of 71%, Ghana is poised for rapid digital transformation. The digital payments sector in the country is expected to grow to $7 billion in 2024, with a projected growth rate of 15.78%, reaching a total value of $12.96 billion by 2028.

For prospective clients in Ghana, Flutterwave's license means smoother and more secure money transfers within the country. Businesses can take advantage of direct collection and payout services, automated invoicing, payment links, and a checkout solution that accommodates various 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 Enhanced Category Payment Service Provider license enables Flutterwave to operate independently, eliminating the reliance on third-party services. This streamlined approach enhances payment processes for both businesses and customers, fostering efficiency and convenience. Furthermore, the license empowers Flutterwave to support other licensed fintech companies in Ghana by providing crucial payment services. This collaborative effort contributes to the development of a more integrated and effective 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."