Flutterwave gains enhanced PSP license in Ghana

Flutterwave, a leading payments technology company, has recently secured an Enhanced Category Payment Service Provider license from the Bank of Ghana

This achievement signifies a major expansion of Flutterwave's presence across Africa, enabling the firm to offer a wide range of payment services directly within Ghana.

Ghana's favorable market conditions make it an ideal location for Flutterwave’s advanced solutions. With a stable democracy, a tech-savvy youth population, and a mobile internet penetration rate of 71%, Ghana is ripe for rapid digital growth. The country's digital payments market is expected to reach US$7bn in 2024 and grow at a rate of 15.78%, leading to a projected total value of US$12.96bn by 2028.

Ghana's payment revolution 

For Ghanaian customers, this license means more efficient and secure money transfers across the country. Businesses will gain access to direct collection and payout services, automated invoicing, payment links, and a versatile checkout solution that accommodates various payment methods such as cards, mobile money, and bank transfers.

Olugbenga ‘GB’ Agboola, founder & CEO of Flutterwave, commented, "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 Enhanced Category license enables Flutterwave to operate independently without relying on third-party services, making payment processes more efficient for both businesses and customers. Additionally, this license allows Flutterwave to support other licensed fintech companies in Ghana, contributing to a more integrated and effective 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."