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| Flutterwave Secures Enhanced Payment Service Provider License in Ghana, Paving the Way for Seamless Digital Transactions Image credit: Flutterwave |
Flutterwave, a leading payments technology company, has been granted a Payment Service Provider license (Enhanced Category) by the Bank of Ghana. This license will enable Flutterwave to offer more seamless and secure money transfers across Ghana.
Ghana’s Market Potential
Ghana represents an exciting opportunity for Flutterwave's innovative solutions. With a stable democracy, a tech-savvy youth population, and a high mobile internet penetration rate of 71%, the country is primed for rapid digital adoption. The digital payments market in Ghana is projected to reach $7 billion in 2024, with a growth rate of 15.78%, leading to a total value of $12.96 billion by 2028.
Enhanced Service Capabilities
The Enhanced Category license allows Flutterwave to operate independently, eliminating the need for third-party services. This streamlines payment processes for businesses and customers, offering direct collection and payout services, automated invoicing, payment links, and a checkout solution supporting multiple payment methods, including cards, mobile money, and bank transfers.
Supporting Financial Ecosystem
With this license, Flutterwave can also support other licensed fintech companies in Ghana by providing essential payment services. This promotes a more integrated and efficient financial ecosystem, contributing to the overall economic growth of the nation.
Leadership Perspectives
Olugbenga ‘GB’ Agboola, Founder & CEO of Flutterwave, commented, “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 achieving that mission. At Flutterwave, we are committed to promoting economic growth in Ghana and providing unparalleled service to all our prospective customers both locally and in the diaspora.”
Chief Regulatory Officer Oluwabankole Falade 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 worldwide.”
Conclusion
The approval of the Payment Service Provider license in Ghana marks a significant milestone for Flutterwave, reinforcing its commitment to regulatory compliance and enhancing its service offerings. With this license, Flutterwave is well-positioned to support Ghana's digital transformation and financial inclusion efforts.
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