Flutterwave acquires additional licenses in Rwanda expanding its fintech presence in East Africa.

29 May 2023

The African fintech unicorn has acquired two more licenses from the National Bank of Rwanda, three years after launching operations, allowing the company to provide remittance services and operate as an electronic money issuer in the country.

The move is part of Flutterwave’s East African expansion strategy, which includes its operations in Kenya, Tanzania, Uganda, and Rwanda. The expansion in East Africa is expected to strengthen the company's position as a leading fintech player on the continent.

Flutterwave aims to provide tools for Rwanda's micro, small, and medium-sized enterprises (MSMEs) in order to stimulate the economy, support global and local businesses, and facilitate seamless cross-border transactions in Rwanda. According to Rwanda's National Institute of Statistics, MSMEs account for nearly 97% of businesses and contribute nearly 55% of the total GDP. 

Flutterwave has been rapidly acquiring licenses throughout Africa in order to improve its services in the region. As part of its North African expansion strategy, the company recently obtained payment services provider and payment facilitator licenses from the National Bank of Egypt.

With the acquired licenses in Rwanda, Flutterwave will be able to offer its cross-border money transfer solution, Send by Flutterwave, as well as its suite of products, including Store, payment links, invoices, and checkout, to individuals and businesses.
The acquisition of licenses in Rwanda is expected to aid the country to achieve its goal of becoming a cashless economy by innovating and utilizing digital technology to help businesses and stimulate economic growth.

Play audio



No comments

Add your comment

Search Blog

Recent Posts

Lagos Collaborates with Harvest Waste Consortium for Innovative Energy Solution. Lagos State has joined forces with Harvest Waste C...
Mastercard and Payment24 Drive Innovation in Fleet and Fuel Payments. Mastercard and Payment24 have joined forces to enh...
Copia Global Enters Administration Amid Funding Woes. Copia Global, a prominent Business to Consumer (B2...

Related Post

Payday details consumer options for resolving virtual card withdrawal problems.
Payday details consumer options for resolving virtual card withdrawal problems.P...
Moniepoint completes acquisition of Kenyan fintech Kopo Kopo Inc
Acquisition of Kenyan Fintech Kopo Kopo Inc. Successfully Concluded by Moniepoin...
"From GTB to Binance;" Olubunmi Fabanwo's amazing seven-year journey from TradFi to Web3 ‌
"From GTB to Binance;" Olubunmi Fabanwo's amazing seven-year journ...

Accelerating the growth of Africa's tech ecosystem