By Dipo Olowookere
One of the biggest financial technology (fintech) companies in Africa from Nigeria, Flutterwave, has obtained an enhanced Payment Service Provider (PSP) license in Ghana.
The firm in a statement disclosed that this will provide potential customers in the West African nation more seamless and secure money transfers.
The payments technology organisation said its authorisation to operate in Ghana marks a significant expansion for its operations in Africa.
With this, Flutterwave can operate in the country without the need for third-party services, streamlining payment processes for businesses and customers alike.
The Enhanced Category license further empowers Flutterwave to support other licensed fintech companies in Ghana by providing essential payment services, ultimately promoting a more integrated and efficient financial ecosystem.
“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 the diaspora,” the chief executive of Flutterwave, Mr Olugbenga Agboola, said.
On his part, the Chief Regulatory Officer of Flutterwave, Mr Oluwabankole Falade, said, “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, both locally and globally.”
Flutterwave said Ghana presents an exciting market for its innovative solutions, noting that with a stable democracy, a tech-savvy youth population, and a high mobile internet penetration rate of 71 per cent, the country is well-positioned for rapid digital adoption.
The country’s digital payments market is projected to reach $7 billion in 2024, with an anticipated growth rate of 15.78%, resulting in a total value of $12.96 billion by 2028.
For potential customers in Ghana, Flutterwave’s license translates to more seamless and secure money transfers across the country. Businesses will benefit from direct collection and payout services, automated invoicing, payment links, and a checkout solution that supports multiple payment methods including cards, mobile money, and bank transfers.