Flutterwave, a leading African payments technology company, has officially secured a payment system license to operate in Zambia. This new license positions Flutterwave to deliver mobile money services to enterprises in Zambia.
The company believes its potential in Zambia is substantial, given the country’s increasing internet penetration and reliance on mobile money for everyday transactions. Mobile money adoption contributes almost 70% of Zambia’s financial inclusion rate — Flutterwave’s mobile money collections and payout services allow Zambian businesses across various industries to streamline transactions, reduce costs, and scale efficiently in local and global markets.
“Zambia is a market with enormous potential for growth and innovation, so we are excited to bring our payment solutions here” said Olugbenga ‘GB’ Agboola, founder and CEO of Flutterwave. “Our goal is to provide businesses across the entire African region with the tools they need to compete not just locally but globally.”
“Flutterwave’s infrastructure now stretches across the majority of Africa and with our new license in Zambia we are one step closer to achieving our mission. At Flutterwave, we believe that by simplifying payments, we can unlock new opportunities for businesses in Zambia and contribute to the country’s broader economic development.”
For international companies looking to expand into Zambia, Flutterwave provides a gateway to the market, enabling local payments and supporting everything from consumer transactions to business-to-business payments. Similarly, Zambian businesses aiming to access global markets will benefit from Flutterwave’s cross-border payment solutions, which make it easier to collect payments from customers in the diaspora and conduct business globally.
“Acquiring the Payment System License in Zambia is a crucial step in our Pan-African expansion strategy,” said Oluwabankole Falade, chief regulatory officer. “This license allows us to not only support Zambian businesses in growing and competing globally but also to ensure that our operations are in full compliance with local regulations. We are deeply grateful to the Bank of Zambia for their trust and for the opportunity to work within Zambia’s financial ecosystem. We are committed to collaborating closely with the Bank of Zambia and other regulatory bodies to promote financial innovation and drive economic growth.”