Flutterwave, Africa’s payments technology company, has announced that it has received its Payment Services Provider and Payments Facilitator licenses in Egypt.
The licenses will enable Flutterwave to act as an official payment service provider in the country, collect payments on behalf of its customers and settle payments locally and globally. These licences will allow Flutterwave to deploy Flutterwave for a Business suite of products including store, payment links, invoices, and checkout in Egypt.
The Fintech firm, as a result of these licenses, becomes one of the few payment service providers in Egypt with both local and global settlements capabilities.
Flutterwave facilitates cross-border transactions in multiple currencies for global companies, including Uber, and the new licenses will help the company support international businesses entering the Egyptian market or growing their operations in the country.
The company will also be in a strong position to empower businesses based in Egypt to expand internationally, in addition to creating new jobs in the country through empowering local businesses.
Commenting on the news, CEO and Founder of Flutterwave, Olugbenga GB Agboola, said: “We are proud to have been granted the Payment Services Provider and Payment Facilitator licenses in Egypt, which form part of our international expansion strategy. This is a testament to our commitment to providing first-class payment services, seamlessly connecting businesses to their customers.
“Our vision is to connect all parts of Africa through payments and connect Africa to the world. This way, it is easier for multinationals expanding into Africa to do so. This achievement is yet another step in that direction. ”
As part of Flutterwave’s expansion initiatives, they have also made it possible for users to send money to Ethiopia via cash pickup. Ethiopians in Diaspora can send money home and have the receivers pick up the cash in Dashen bank branches, Amole Agents and Ethiopian postal service offices.
Speaking of the deal, Regional Manager of North Africa in Expansion and Partnerships, Egypt, Aalaa Gamal, said: “We’re excited to receive the payments services provider and facilitator licenses in Egypt.
“The licenses will enable us to be the go-to payment processor and digital transformation partner for global settlements in Egypt, which enables our customers to expand quickly within or outside of the country. This, for us, is the beginning of other strategic wins in the North Africa and Middle East regions.”
