REGULATION | Flutterwave Receives Enhanced PSP License from Bank of Ghana

Pan-African fintech, Flutterwave, has recently been granted a Payment Service Provider license (Enhanced Category) by the Bank of Ghana.

According to a Flutterwave press release, the license allows it to offer a comprehensive suite of payment services directly within and through Ghana.

The company added that Ghana presents an exciting market thanks to its stable democracy, a tech-savvy youth population, and a high mobile internet penetration rate of 71%. The country’s digital payments market is projected to reach $7 billion in 2024, with an anticipated growth rate of 15.78%, resulting in a total value of $12.96 billion by 2028.

For potential customers in Ghana, Flutterwave’s license translates to more seamless and secure money transfers across the country. Businesses will benefit from:

• Direct collection – Seamlessly receive payments from your local and international customers using payment methods they are familiar with such as mobile money, debit & credit cards, Apple Pay, Google Pay etc.
• Payout services – You can process single and bulk payouts to your employees, vendors, contractors and business partners in Ghanaian Cedi and other currencies.
• Automated invoicing – Say goodbye to manual invoicing, automate the invoicing process on your Flutterwave For Business dashboard and see the payments roll in.
• Payment links – Create payment links to easily and securely get paid by your customers in 50+ currencies.
• One API – Integrate our robust API into your products to process online payments through Flutterwave checkout, direct charge, and plugins such as WordPress and Shopify.

“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,” said Olugbenga ‘GB’ Agboola, Founder & CEO of Flutterwave said.

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 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.

Flutterwave has been on an expansion drive to support the financial services of businesses operating across the African continent. Within the last 1.5 years, the African unicorn has acquired operating licenses from Central Banks in:

• Mozambique

• Rwanda

• Malawi

• Egypt

The company has also expanded to India via cross-border remittance partnerships with IndusInd Bank and engineering mobility collaboration with CapGemini.