Flutterwave gains ground with enhanced payment service provider licence in Ghana

Flutterwave, a prominent payments technology company, has recently achieved a major milestone by obtaining a Payment Service Provider licence (Enhanced Category) from the Bank of Ghana.

This licence allows Flutterwave to expand its operations significantly within Ghana, offering a broad range of payment services.

Ghana, with its stable democratic environment, tech-savvy youth, and a high mobile internet penetration rate of 71%, represents a promising market for digital financial services.

The country’s digital payments market is expected to grow from $7 billion in 2024 to $12.96 billion by 2028, reflecting a robust annual growth rate of 15.78%.

For users in Ghana, Flutterwave’s new licence will enable smoother and more secure transactions, including direct collection and payout services, automated invoicing, payment links, and a versatile checkout solution accommodating various payment methods such as cards, mobile money, and bank transfers.

Olugbenga ‘GB’ Agboola, founder & CEO of Flutterwave, commented on the development, stating:

“When we started this journey, our goal was to unite the fragmented payment infrastructure in Africa, and securing this license in Ghana brings us a step closer to achieving that mission.

“At Flutterwave, we are committed to using our platform to promote economic growth for the nation while also providing unparalleled service to all our prospective customers in Ghana and in the diaspora.”

The Enhanced Category licence allows Flutterwave to operate independently of third-party services, streamlining payment processes for both businesses and customers.

It also positions Flutterwave to support other licenced fintech companies in Ghana, fostering a more integrated and efficient financial ecosystem.

Oluwabankole Falade, Chief Regulatory Officer at Flutterwave, expressed gratitude to the Bank of Ghana, saying:

“We are grateful to the Bank of Ghana for their trust and support in granting us this licence. This milestone highlights our commitment to regulatory compliance and delivering secure, reliable payment solutions.

“We are excited to contribute to Ghana’s dynamic business ecosystem and support the financial inclusion of Ghanaians, both locally and globally.”