Flutterwave, a top payments technology company, has received an Enhanced Payment Service Provider license from the Bank of Ghana, marking a significant milestone in its African operations. This new license empowers Flutterwave to offer a comprehensive suite of payment services directly within Ghana, enhancing the country's digital payment landscape.
With this new license, Flutterwave can facilitate more seamless and secure money transfers across Ghana. Businesses will benefit from direct collection and payout services, automated invoicing, payment links, and a checkout solution that supports multiple payment methods, including cards, mobile money, and bank transfers.
Ghana presents an exciting market for Flutterwave’s innovative solutions due to its stable democracy, tech-savvy youth population, and high mobile internet penetration rate of 71%. The digital payments market in Ghana is projected to grow from $7 billion in 2024 to $12.96 billion by 2028, with an annual growth rate of 15.78%.
Commenting on the license approval, Olugbenga ‘GB’ Agboola, Founder & CEO of Flutterwave, stated, "Securing this license in Ghana brings us closer to uniting Africa’s fragmented payment infrastructure. We are committed to using our platform to promote economic growth in Ghana while providing exceptional service to all our customers."
The Enhanced Category license allows Flutterwave to operate independently, without relying on third-party services, streamlining payment processes for businesses and customers. It also enables Flutterwave to support other licensed fintech companies in Ghana, promoting a more integrated and efficient financial ecosystem.
For potential customers in Ghana, Flutterwave’s license translates to more seamless and secure money transfers across the country. Businesses will benefit from direct collection and payout services, automated invoicing, payment links, and a checkout solution that supports multiple payment methods, including cards, mobile money, and bank transfers.
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