Flutterwave, recognized as Africa’s leading payments technology company, has officially obtained a payment system license to operate in Zambia. This significant development enables Flutterwave to offer affordable and secure mobile money services to enterprises within the country, thereby facilitating both local and international trade while enhancing financial inclusion and driving economic growth.
The opportunity for Flutterwave in Zambia is considerable, particularly in light of the country’s rising internet penetration and the growing reliance on mobile money for everyday transactions. Mobile money adoption plays a crucial role in Zambia, contributing nearly 70% to the nation’s financial inclusion rate. By leveraging Flutterwave’s mobile money collection and payout services, Zambian businesses across various sectors can streamline their transactions, reduce operational costs, and scale their operations effectively in both local and global markets.
Olugbenga ‘GB’ Agboola, the Founder and CEO of Flutterwave, expressed enthusiasm about the new market, stating;
Zambia is a market with enormous potential for growth and innovation, so we are excited to bring our payment solutions here. Our goal is to provide businesses across the entire African region with the tools they need to compete not just locally but globally. Flutterwave’s infrastructure now spans the majority of Africa, and with our new license in Zambia, we are one step closer to achieving our mission. At Flutterwave, we believe that by simplifying payments, we can unlock new opportunities for businesses in Zambia and contribute to the country’s broader economic development.
For international companies seeking to enter the Zambian market, Flutterwave offers a reliable gateway, facilitating seamless local payments and supporting a wide range of transactions, from consumer purchases to business-to-business payments. Additionally, Zambian businesses aiming to tap into global markets will benefit from Flutterwave’s cross-border payment solutions, which simplify the process of collecting payments from customers in the diaspora and conducting business on an international scale.
Oluwabankole Falade, Chief Regulatory Officer at Flutterwave, highlighted the importance of the new license, stating;
Acquiring the Payment System License in Zambia is a crucial step in our Pan-African expansion strategy. This license not only enables us to support Zambian businesses in their growth and global competitiveness but also ensures that our operations adhere to local regulations. We are deeply grateful to the Bank of Zambia for their trust and for the opportunity to operate within Zambia’s financial ecosystem. We are committed to working closely with the Bank of Zambia and other regulatory bodies to promote financial innovation and drive economic growth.
With a proven track record of success across Africa, Flutterwave has established itself as a trusted partner for businesses in over 30 countries. Its expansion into Zambia further underscores its commitment to empowering African businesses and fostering economic growth through digital payment solutions.
