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