Flutterwave’s payment licence unlocks $7bn Ghanaian digital payments market

Business a.m.

Flutterwave,  a leading payments technology company, has secured a Payment Service Provider license (Enhanced Category) from the Bank of Ghana. This achievement positions Flutterwave to capitalise on Ghana’s rapidly growing digital payments market, which is projected to reach $7 billion in 2024.

With this licence, Flutterwave can now provide a comprehensive range of payment services within Ghana, as well as to and from the country, leveraging its cutting-edge payment infrastructure and technological expertise to cater to the growing demand for seamless, reliable, and secure payment solutions across the African continent.

The company noted that Ghana presents an exciting market for Flutterwave’s innovative solutions. Given its stable democracy, a tech-savvy youth population, and a high mobile internet penetration rate of 71 percent, Ghana is considered well positioned for rapid digital adoption.  Industry data also shows that the country’s digital payments market is projected to reach $7 billion in 2024, with an anticipated growth rate of 15.78 percent, resulting in a total value of $12.96 billion by 2028.

Flutterwave’s new licence in Ghana is expected to offer a range of benefits to customers across the country, providing a more seamless and secure transfer of funds. Based on the development, businesses will now have access to Flutterwave’s innovative solutions, including direct collection and payout services, automated invoicing, payment links, and a flexible checkout solution that supports multiple payment methods such as cards, mobile money, and bank transfers. 

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 enhanced category 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.

Commenting on the licence approval, Olugbenga Agboola, founder & CEO of Flutterwave said, “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.”

Oluwabankole Falade, chief regulatory officer at Flutterwave, also commented on the development, stating:  “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.”