Flutterwave secures new licences in Rwanda to boost East African penetration
By Onome Amuge
Flutterwave, Africa’s leading payments technology company, has obtained its Electronic Money Issuer and Remittance Licenses from the National Bank of Rwanda, aimed at expanding its operations in East Africa.
The payment service provider, in a statement, said the acquisition of the new licenses,will further enhance its ability to offer money deposit and withdrawal, electronic funds transfer, as well as inbound and outbound remittance services to the 13.46 million people living and working in Rwanda.
Citing data by Rwanda’s National Institute of Statistics, Flutterwave noted that Micro, Small & Medium Enterprises (MSMEs) in the country account for about 97 per cent of businesses and contribute almost 55 per cent to the total gross domestic product (GDP). That, it said, makes MSMEs critical to job creation and the economic growth of the country.
Based on this,Flutterwave said it will be deploying a range of products in Rwanda, including Send by Flutterwave, its cross-border money transfer solution. Also available will be Flutterwave for Business and its suite of products, including Store, payment links, invoices and checkout to help individuals and businesses in Rwanda make the most of the booming eCommerce market.
Commenting on the news, Olugbenga Agboola, founder and CEO of Flutterwave,said the company, whose transactions has risen to over 400 million now, remains committed to its vision of connecting all parts of Africa through payments and connecting Africa to the world.
“As a country well known for fostering innovation and promoting the use of digital technology, Rwanda has always been important to our expansion plans in East Africa. We are delighted for the vote of confidence in being granted these licenses. With them, we will leverage our extensive global reach and continuous growth in emerging markets to provide MSMEs in Rwanda with the tools they need to stimulate the economy, facilitate seamless cross-border transactions for Rwandans and support the expansion drive of global and Rwandan businesses,” Agboola added.
Leah Uwiroheye, Flutterwave’s East Africa regional lead, regulatory and government affairs, described the development as a great achievement for the company.
“As Rwanda continues executing important reforms to enhance the ease of doing business and implementing its Fintech Strategy 2022-2027, Flutterwave keeps contributing towards achieving a cashless economy by innovating and employing digital technology to support businesses and stimulate the economic growth of countries where we operate,” she said.
Uwiroheye further disclosed that the licenses will enable Flutterwave to provide safe, secure and seamless payment services for individuals and businesses in Rwanda. She added that it is a starting point for the company as it continues to expand across East Africa.