Flutterwave Gains Approval to Facilitate Inward Remittances in Ghana

Flutterwave, Africa’s leading payments technology company, has secured approval from the Bank of Ghana to offer inward remittance services in the country. This milestone reinforces Flutterwave’s commitment to enhancing payment efficiency and expanding financial opportunities across Africa.

Ghana’s fintech sector is experiencing rapid growth, fueled by widespread mobile phone usage and an evolving mobile money ecosystem. Mobile money platforms facilitate approximately 60% of foreign exchange transactions, underscoring their crucial role in financial operations. Beyond mobile money, sectors like InsurTech, LendTech, and Buy Now, Pay Later (BNPL) are also thriving, contributing to a dynamic financial landscape.

The regulatory environment shaped by the Bank of Ghana and the Ghana Digital Agenda has created an attractive market for fintech innovation. Flutterwave’s approval aligns with these initiatives, ensuring that Ghanaians benefit from fast, secure, and cost-effective remittance services.

Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, expressed excitement about this achievement: “We are thrilled to have received the approval to provide inward remittance services in Ghana, marking a pivotal moment in our mission to simplify payments for endless possibilities. Remittances are crucial to the Ghanaian economy, and our objective is to facilitate a seamless process for Ghanaians living abroad who wish to send money back home. This approval reflects our ongoing dedication to promoting financial inclusion and driving economic growth throughout Africa.”

Oluwabankole Falade, Chief Regulatory and Government Affairs Officer at Flutterwave, highlighted the significance of this development: “This achievement demonstrates our commitment to adhering to regulatory standards and our preparedness to deliver reliable payment solutions tailored to the specific needs of the Ghanaian market. We extend our gratitude to the Bank of Ghana for their support and eagerly anticipate the opportunity to expand our services within the country.”