Posted on 17. März 2023 in Allgemein
•Flutterwave, an African payment company, has secured a license to provide electronic fund transfer services and other products to individuals and businesses in Rwanda.
•The license would enable the company to offer products such as Send by Flutterwave, its cross-border transfer solution, as well as invoices and checkout, payment links, and Stores.
•Rwanda’s MSMEs make up 97 percent of businesses and contribute about 55 percent of GDP which makes Flutterwave’s decision to expand across Rwanda strategically important.
Flutterwave, one of the fastest-growing payment companies in Africa has announced it has received Electronic Money Issuer and Remittance Licenses from the National Bank of Rwanda to enable it to expand its operations in East Africa. This license would enable the company to function as a payment service provider and enable deposits and withdrawals for customers within the country.
In addition to this, Flutterwave would offer electronic funds transfer as well as inbound and outbound remittance services to residents. The company will offer several products including Send by Flutterwave, its cross-border transfer solution. In addition to Flutterwave for Business, it will provide invoices and checkout, payment links, and Stores to enable individuals and businesses in the country take advantage of the booming e-commerce market.
Rwanda’s National Institute of Statistics recently reported that Micro, Small & Medium Enterprises (MSMEs) make up 97 percent of businesses. They also contribute about 55 percent to the country’s GDP. Considering their role in the country’s economy, Flutterwave’s decision to expand across Rwanda is purely strategic.
Olugbenga „GB‘ Agboola Founder & CEO commented that since facilitating its first transaction they have been very committed to its vision of connecting all parts of Africa and connecting it with the world . He mentioned that Rwanda is known for its interest in fostering innovation & digital technology which could play a huge role for them expanding their operations across East Africa .
Leah Uwihoreye , Regional Lead at Flutter wave mentioned that with these licenses they can leverage their global reach & growth in emerging markets , stimulate economies , facilitate seamless cross border transactions for Rwandans & support expansion drive globally & locally .