Afcacia

 

Flutterwave, Africa’s leading fintech company, has taken a significant step in expanding its digital payment services in Ghana. The recent acquisition of a new Payment Services Provider (PSP) license by the Bank of Ghana allows Flutterwave to offer enhanced financial services in one of West Africa’s most promising markets. This expansion marks another milestone in Flutterwave’s mission to simplify payments across Africa, offering seamless and secure financial solutions to businesses and consumers.

The PSP license is a critical component of Flutterwave’s strategy to deepen its presence in the Ghanaian market. With this license, Flutterwave can directly facilitate transactions in Ghana, enabling businesses to accept and process a wide range of payment methods, including mobile money, bank transfers, and card payments. The license also allows Flutterwave to offer more comprehensive services, such as merchant acquiring, payment processing, and cross-border payment solutions.

This development is significant as it aligns with the broader goal of financial inclusion in Africa. Ghana, like many other African nations, has a large unbanked population. By providing reliable digital payment services, Flutterwave is helping to bridge the gap between the unbanked and formal financial systems, contributing to economic growth and stability.

Ghana has become an appealing market for Flutterwave’s cutting-edge products. The country benefits from a stable democracy, a tech-savvy young population, and a high mobile internet penetration rate of 71%, all of which foster a favorable environment for swift digital adoption.

Ghana’s digital economy has been growing steadily, driven by increasing internet penetration, mobile phone usage, and a young, tech-savvy population. with an annual growth rate of 15.78%. It is projected to reach $7 billion by 2024 and close to $13 billion by 2028. This growth trajectory offers a significant opportunity for Flutterwave to solidify its presence in the country.

This expansion into Ghana is a strategic move that positions the company to capitalize on this growing market. By offering digital payment solutions that cater to the needs of businesses and consumers, Flutterwave is well-placed to become a key player in Ghana’s financial ecosystem. This move is not an isolated event; it is part of a broader trend of fintech companies targeting Africa’s burgeoning digital economy. 

Across the continent, digital payment platforms are becoming increasingly important as more people and businesses embrace online transactions. Commenting on the license approval, Olugbenga ‘GB’ Agboola, Founder&CEO of Flutterwave said, “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 to the nation, while also providing unparalleled service to all our prospective customers in Ghana and in the diaspora”.

One of the key benefits of Flutterwave’s expansion is the increased access to digital financial services for both businesses and individuals. For businesses, especially small and medium-sized enterprises (SMEs), Flutterwave provides an easy-to-use platform for accepting payments from customers both locally and internationally. This is crucial for SMEs looking to expand their customer base beyond Ghana’s borders.

For consumers, Flutterwave’s services offer a secure and convenient way to make payments online. Whether it’s purchasing goods from an e-commerce platform, paying for utilities, or sending money to family members, Flutterwave’s platform ensures that transactions are fast, secure, and efficient.

Moreover, Flutterwave’s entry into the Ghanaian market is expected to drive competition in the fintech sector, leading to better services and lower costs for consumers. The presence of a strong player like Flutterwave will likely push other payment service providers to innovate and improve their offerings, ultimately benefiting the end-users.

Oluwabankole Falade, Chief Regulatory Officer at Flutterwave, said: “We are grateful to the Bank of Ghana for their trust and support in granting us this license. 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.”

Flutterwave is a leading payments technology company that helps businesses worldwide expand into Africa and other emerging markets. It offers a platform that facilitates both local and cross-border transactions through a single Application Programming Interface (API). 

It  has processed over 630 million transactions totaling more than USD $31 billion and serves over 1.5 million businesses, including notable clients like Uber, Air Peace, Bamboo, and PiggyVest. Its main advantage lies in connecting businesses to a variety of local and international payment methods, enabling global expansion. 

Additionally, Flutterwave supports cross-border transactions from the diaspora to African countries via its SendApp product. The company processes payments through various methods, including local and international cards, mobile wallets, bank transfers, and Google Pay, and has an infrastructure presence in 34 African countries. For more details on Flutterwave’s journey