The Bank of Ghana (BOG) has granted Flutterwave, a Nigerian fintech, an Enhanced Category Payment Service Provider licence, allowing the company to operate independently without relying on third-party services. This licence will streamline payment processes for businesses and customers in Ghana. Additionally, it will enable Flutterwave to support other licensed fintech companies by providing essential payment services, thereby fostering a more integrated and efficient financial ecosystem in the country.
Flutterwave's expansion into Ghana marks a significant step in its African operations, allowing the company to offer a full range of payment services directly within the country. Ghana is an attractive market for Flutterwave due to its stable democracy, tech-savvy youth, and high mobile internet penetration of 71%, making it ripe for rapid digital adoption. The digital payments market in Ghana is projected to reach $7 billion in 2024, with an expected annual growth rate of 15.78%, potentially reaching $12.96 billion by 2028.
The Flutterwave's new Payment Service Provider license in Ghana enables seamless and secure money transfers across the country, benefiting businesses with direct collection and payout services, automated invoicing, payment links, and a checkout solution supporting multiple payment methods. This development follows recent milestones, including approval for a payment aggregator license in Mozambique and a partnership with Nigeria's EFCC to combat cybercrime.
Despite laying off 3% of its workforce in June 2024 to focus on remittance and enterprise services, Flutterwave remains committed to promoting economic growth and financial inclusion in Ghana and the diaspora. The license allows the company to operate independently, supporting other fintechs and enhancing the country's financial ecosystem.