African fintech unicorn Flutterwave has been granted a Payment Service Provider licence (Enhancec Category) by the Bank of Ghana, according to a recent statement by the tech company.
This expansion marks a significant expansion of Flutterwave’s operations in Africa, which enables the company to provide a comprehensive suite of payment services directly across Ghana.
The Payment Service Provider licence (Enhanced Category) allows Flutterwave to operate without the need for third-party services, streamlining payment processes for businesses and customers alike.
The licence also empowers the tech company to support other licensed fintech companies in Ghana by providing essential payment services, which will further promote a more integrated and efficient financial ecosystem in the country.
The West African country’s digital payments market is projected to reach $7 billion in 2024, with an anticipated growth rate of 15.78%, giving an estimated total value of $12.96 billion by 2028.
Reacting to the development, founder & CEO of Flutterwave, Olugbenga ‘GB’ Agboola, 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.”
Similarly, Flutterwave’s Chief Regulatory Officer, Oluwabankole Falade expressed gratitude to the Bank of Ghana for their trust and support in granting the company the license.
“This milestone highlights our commitment to regulatory compliance and delivering secure, reliable payment solutions,” Falade stated.
“The Wave is now in Ghana… Expanding into Ghana aligns with our strategic vision to make doing business and expanding across Africa seamless for global enterprises. We’re committed to driving innovation and look forward to empowering more enterprise businesses and customers with our advanced payment solutions in Ghana,” the tech company buttressed on its official X account.
In April this year, the US Chamber of Commerce’s US-Africa Business Centre had announced Flutterwave as the new Vice-Chair of the US-Africa Business Centre board of directors, represented by the company’s Founder and CEO.
