Payments technology company Flutterwave announced that it has obtained an Enhanced Category Payment Service Provider license from the Bank of Ghana.
This development is pivotal in expanding Flutterwave’s footprint across Africa, particularly within Ghana, where it can now offer a full spectrum of direct payment services.
Located in a region with a high mobile internet penetration rate of 71%, and a burgeoning tech-savvy youth population, Ghana represents an ideal landscape for digital financial services.
The country’s digital payments market is on a rapid growth trajectory, expected to reach $7 billion in 2024 and forecasted to grow to $12.96 billion by 2028. Such growth prospects make Ghana an attractive market for Flutterwave’s innovative payment solutions.
With this new license, Flutterwave can enhance its operational efficiency by eliminating the reliance on third-party service providers, the company said. This autonomy is crucial for offering seamless and secure transaction experiences to its users in Ghana.
Businesses operating in the region will benefit from Flutterwave’s diverse offerings, which include direct collections and payouts, automated invoicing, and versatile payment links that support multiple payment methods such as cards, mobile money, and bank transfers.
The strategic significance of this license extends beyond simplifying payment processes; it empowers Flutterwave to support other licensed fintech companies within Ghana.
By providing essential payment services, Flutterwave aims to foster a more integrated and efficient financial ecosystem across the country.
The company said the license is a testament to its commitment to regulatory compliance and its dedication to delivering reliable and secure payment solutions.
The company’s influence extends across the global market, having processed over 630 million transactions worth more than $31 billion. Flutterwave serves more than 1.5 million businesses worldwide, including prominent clients like Uber and Bamboo.
The company’s platform facilitates a broad array of transaction types through one Application Programming Interface (API), connecting businesses to numerous local and international payment methods. This capability is crucial for businesses looking to expand globally and tap into new markets.
Additionally, Flutterwave’s SendApp product allows for cross-border transactions from the diaspora into African countries, further diversifying its service offerings and enhancing its role in global commerce.