Flutterwave, a leading payments technology company, has secured an Enhanced Category Payment Service Provider license from the Bank of Ghana, marking a significant expansion of its operations in the country. This development allows Flutterwave to offer a wide range of payment services, positioning it to take advantage of Ghana’s rapidly growing digital payments market.
With an expected market growth rate of 15.78% annually, Ghana’s digital payments sector is projected to reach nearly $13 billion by 2028. This presents a lucrative opportunity for Flutterwave, whose new license enables the company to provide more efficient and secure money transfer options, including direct collections, automated invoicing, and a versatile checkout solution.
Olugbenga ‘GB’ Agboola, Flutterwave’s Founder and CEO, expressed excitement about the license, emphasizing its importance in unifying Africa’s fragmented payment infrastructure. The license also allows Flutterwave to operate independently, simplifying payment processes and supporting other fintech companies in Ghana.
Oluwabankole Falade, Chief Regulatory Officer at Flutterwave, highlighted the Bank of Ghana’s role in fostering this expansion, noting that the license underscores Flutterwave’s commitment to regulatory compliance and financial inclusion. As Flutterwave rolls out its enhanced services, it aims to significantly impact Ghana’s digital economy, benefiting both businesses and consumers.