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After three years, Flutterwave, which is an African unicorn, has procured two additional licenses from the National Bank of Rwanda. The first license will enable the company to offer remittance services, while the second one permits it to operate as an electronic money issuer. According to a statement seen by connectnigeria.com, Olugbenga Agboola, Flutterwave’s CEO, expressed his enthusiasm for these new licenses, stating that the company will utilize its extensive global network and ongoing growth in emerging markets to equip MSMEs in Rwanda with the necessary resources to stimulate economic growth, facilitate seamless cross-border transactions for Rwandans, and support the expansion efforts of global and Rwandan businesses. According to the National Institute of Statistics in Rwanda, Micro, Small & Medium Enterprises (MSMEs) make up approximately 97% of all businesses in the country and contribute nearly 55% to the total GDP. In an effort to support these MSMEs, Flutterwave plans to introduce a range of its products in Rwanda, which includes its cross-border money transfer solution, Send by Flutterwave.
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Additionally, Flutterwave for Business and its suite of products such as Store, payment links, invoices and checkout, will be made available in Rwanda to assist individuals and businesses in maximizing the thriving eCommerce market. Yewande Akomolafe-Kalu, the Head of Branding and Storytelling at Flutterwave, made this known. “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,” Leah Uwihoreye, Flutterwave’s East Africa Regional Lead, Regulatory and Government Affairs, said. “The licenses will enable us to provide safe, secure and seamless payment services for individuals and businesses in Rwanda. This is definitely a starting point for Flutterwave as we continue to expand across East Africa.” Currently, in East Africa, Flutterwave operates in Rwanda, Tanzania, Uganda and Kenya.
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Despite facing regulatory challenges in the region, the fintech firm, Flutterwave, has continued to acquire licenses as part of its expansion strategy. Recently, the company procured payment services provider and payment facilitator licenses from the National Bank of Egypt, in a bid to expand its operations in North Africa. Additionally, in 2022, Flutterwave obtained the most valuable payment processing license in Nigeria, the switching and processing license, from the Central Bank of Nigeria (CBN). Prior to obtaining this license, Flutterwave had been operating in Nigeria with its Payment Solution Service Provider (PSSP) and International Money Transfer Operator (IMTO) licenses. Featured Image Source: Flutterwave
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