Flutterwave, a leading Nigerian fintech company, has been granted an Enhanced Category Payment Service Provider licence by the Bank of Ghana. This licence authorizes Flutterwave to operate as an independent entity in Ghana, eliminating the need for third-party intermediaries and streamlining payment processes for both businesses and consumers.
With this new licence, Flutterwave is poised to offer critical payment services to other licensed fintech firms in Ghana, fostering a more cohesive and effective financial landscape.
The company anticipates that this advancement will lead to smoother and more secure financial transactions throughout the nation. Businesses are set to benefit from direct collection and payout capabilities, automated billing, payment links, and a versatile checkout solution that accommodates various payment modes such as cards, mobile money, and bank transfers.
Flutterwave recognizes Ghana as a promising market for its cutting-edge payment solutions, citing the country’s stable political climate, digitally savvy youth, and a high rate of mobile internet usage at 71%. These factors contribute to Ghana’s readiness for digital financial services.
The company also points out the significant growth potential in Ghana’s digital payments sector, which is expected to hit $7 billion by 2024 and grow at a rate of 15.78%, potentially reaching a total value of $12.96 billion by 2028.
Olugbenga ‘GB’ Agboola, the Founder and CEO of Flutterwave, sees the acquisition of the Ghanaian licence as a crucial step towards the company’s ambition to consolidate Africa’s fragmented payment systems. He emphasizes Flutterwave’s Commitment to Economic Growth and Service Excellence in Ghana and Beyond
Agboola emphasized the company’s dedication to fostering economic development and delivering exceptional services to both existing and potential customers in Ghana, as well as to Ghanaians living abroad.
This commitment comes on the heels of the Bank of Ghana awarding Flutterwave an Enhanced Category Payment Service Provider licence, which marks a significant expansion of the company’s operations within the country.
The announcement also follows a recent development where the Bank of Mozambique granted Flutterwave an approval in principle for a payment aggregator license, enabling the fintech giant to extend its services into Mozambique.
In a strategic move to refocus its business, Flutterwave announced in June 2024 that it had reduced its workforce by approximately 3%, affecting around 30 employees. This decision was part of a broader effort to concentrate on remittance and enterprise services, which represent the core revenue streams for the company.
Further strengthening its commitment to secure digital transactions, Flutterwave announced a collaborative initiative with Nigeria’s Economic and Financial Crimes Commission (EFCC) in July 2024. The partnership involves the establishment and outfitting of a Cybercrime Research Centre, aimed at bolstering the fight against cybercrime and enhancing the security of online financial activities.
