Flutterwave, a prominent African payments technology firm, has recently received electronic money issuer and remittance licenses from the National Bank of Rwanda. The acquisition of these licenses will allow Flutterwave to provide a wide range of services, including money deposit and withdrawal, electronic funds transfer, and inbound and outbound remittance services, to the 13.46 million people residing and working in Rwanda. Olugbenga Agboola, Flutterwave's CEO, stated that the company is committed to connecting all parts of Africa through payments and connecting Africa to the world, and Rwanda, with its reputation for promoting digital technology and fostering innovation, has always been an important market for the company's expansion plans in East Africa.
Flutterwave is planning to leverage its extensive global reach and continuous growth in emerging markets to provide micro, small, and medium-sized enterprises (MSMEs) in Rwanda with the necessary tools to stimulate the economy, facilitate seamless cross-border transactions for Rwandans, and support the growth of global and Rwandan businesses.
Flutterwave is expected to offer a range of products in Rwanda, including its cross-border money transfer solution, Flutterwave for Business, and its suite of products, such as Store, payment links, invoices, and checkout. These products will aid individuals and businesses in Rwanda in taking full advantage of the burgeoning eCommerce market.
Leah Uwihoreye, Flutterwave's East Africa Regional Lead for Regulatory and Government Affairs, described the acquisition of the licenses as a significant accomplishment for the company. She further stated that as Rwanda continues to implement its Fintech Strategy 2022–2027 and introduce crucial reforms to enhance the ease of doing business, Flutterwave will continue to contribute to the establishment of a cashless economy by introducing digital technology and innovation to support businesses and stimulate economic growth.
Flutterwave's acquisition of the licenses will allow it to offer safe, secure, and seamless payment services to individuals and businesses in Rwanda. The licenses will serve as a starting point for Flutterwave as it continues to expand its presence throughout East Africa.
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