Flutterwave, recognized as Africa’s foremost payments technology company, has recently received approval from the Bank of Ghana to offer inward remittance services in Ghana. This significant development underscores Flutterwave’s unwavering commitment to streamlining payment processes and unlocking a multitude of opportunities across the African continent.
The fintech landscape in Ghana is undergoing a remarkable transformation, driven by a high rate of mobile phone adoption and a thriving mobile money ecosystem. Notably, approximately 60% of foreign exchange transactions are conducted through mobile money platforms, highlighting their essential role in the financial activities of Ghanaians. In addition to mobile money, other sectors such as InsurTech, LendTech, and Buy Now, Pay Later (BNPL) are witnessing substantial growth, contributing to a vibrant and diverse fintech environment.
The supportive regulatory framework established by the Bank of Ghana, along with the Ghana Digital Agenda, has fostered an appealing market for fintech innovation. Flutterwave’s recent approval is in harmony with these advancements, ensuring that Ghanaians can access swift, secure, and cost-effective remittance services.
Olugbenga ‘GB’ Agboola, the Founder and CEO of Flutterwave, expressed enthusiasm regarding this milestone: “We are thrilled to have received the approval to provide inward remittance services in Ghana, marking a pivotal moment in our mission to simplify payments for endless possibilities. Remittances are crucial to the Ghanaian economy, and our objective is to facilitate a seamless process for Ghanaians living abroad who wish to send money back home. This approval reflects our ongoing dedication to promoting financial inclusion and driving economic growth throughout Africa.”
Oluwabankole Falade, the Chief Regulatory and Government Affairs Officer at Flutterwave, emphasized the importance of this approval: “This achievement demonstrates our commitment to adhering to regulatory standards and our preparedness to deliver reliable payment solutions tailored to the specific needs of the Ghanaian market. We extend our gratitude to the Bank of Ghana for their support and eagerly anticipate the opportunity to expand our services within the country.”
