African payments technology company, Flutterwave said it has received approval from Ghana’s Central Bank to provide inward remittance services.
This development, according to the company, reinforces Flutterwave’s aim to simplify payments across Africa. In announcing the development, Flutterwave stated that Ghana’s financial sector is fast growing, with high mobile phone penetration and a vibrant mobile money ecosystem.
Remarkably, it continued, 60% of foreign exchange is received through mobile money platforms, demonstrating the critical role they play in the financial lives of Ghanaians.
Beyond mobile money, areas such as Insurance technology (insurtech), lend-tech, and buy –now-pay-later are expanding rapidly, creating a vibrant and diverse fintech environment, according to the business.
Flutterwave further stated that the Bank of Ghana’s supportive regulatory framework and the Ghana Digital Agenda have created an attractive market for fintech innovation.
According to Flutterwave, the latest approval is consistent with these trends, guaranteeing that Ghanaians can benefit from rapid, secure, and cost-effective remittance services.
Commenddting on the milestone, Founder and CEO of Flutterwave, Olugbenga Agboola, said: “Remittances play a vital role in the Ghanaian economy, and our goal is to make the process as seamless as possible for Ghanaians in the diaspora looking to send money home.”
Also, the Chief Regulatory and Government Affairs Officer at Flutterwave, Oluwabankole Falade, added: “We are grateful to the Bank of Ghana for their support and look forward to expanding our services in the country.”
