Flutterwave Secures Enhanced Payment Service Provider License in Ghana

Flutterwave, a leading payments technology firm, has secured an Enhanced Payment Service Provider license from the Bank of Ghana. This new license represents a major step forward for Flutterwave’s expansion across Africa, allowing the company to deliver a full range of payment services within Ghana.

Ghana offers a promising landscape for Flutterwave’s cutting-edge solutions. With its stable political environment, tech-savvy younger population, and a notable mobile internet penetration rate of 71%, Ghana is primed for swift digital transformation. The country’s digital payments market is expected to hit $7 billion in 2024 and grow at a rate of 15.78%, reaching a total value of $12.96 billion by 2028.

Flutterwave CEO, Olugbenga Agboola 

With this new license, Flutterwave will provide Ghanaian customers with more efficient and secure money transfer options. Businesses will benefit from enhanced features including direct collection and payout services, automated invoicing, payment links, and a versatile checkout system that supports various payment methods such as cards, mobile money, and bank transfers.

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 "

The Payment Service Provider license (Enhanced Category) allows Flutterwave to operate without the need for third-party services, streamlining payment processes for businesses and customers alike. The Enhanced Category license further empowers Flutterwave to support other licensed fintech companies in Ghana by providing essential payment services, ultimately promoting a more integrated and efficient financial ecosystem.

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."