The news:
- Flutterwave has secured approval from the Bank of Ghana to offer inward remittance services.
- This approval enables Flutterwave to facilitate seamless and secure money transfers into Ghana, benefiting businesses and individuals relying on remittances for various financial needs.
- These regulatory milestones align with Flutterwave’s strategy to streamline payment infrastructures across Africa.
This development follows Flutterwave’s acquisition of an Enhanced Payment Service Provider Licence from the Bank of Ghana in August 2024. The licence authorised the company to provide a comprehensive suite of payment services, including direct merchant acquiring, issuance of electronic money, and provision of third-party payment services.
The combination of these licences positions Flutterwave to offer end-to-end payment solutions in Ghana, reducing the need for intermediaries.
Ghana presents a promising market for digital payment solutions, with a tech-savvy population and a 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.
The company’s entry into the Ghanaian market is timely, as it offers businesses and consumers more options for efficient and secure transactions.
Flutterwave’s expansion in Ghana is part of a broader strategy to strengthen its African presence. In 2024, the company extended its operations to Mozambique, securing approval-in-principle for a payment aggregator licence from the Bank of Mozambique, allowing it to offer its services in the country’s rapidly growing e-payment ecosystem.
Similarly, in February 2025, it also obtained a Payment System Licence from the Bank of Zambia, which would facilitate local and international trade in the country, bringing its total infrastructure reach in Africa to over 35 countries.
As Flutterwave continues to expand its footprint across Africa, the company remains focused on providing secure, reliable, and innovative payment solutions that cater to the diverse needs of businesses and consumers.
