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- Flutterwave secures a license from the National Bank of Rwanda to expand operations in East Africa.
- The company would provide electronic fund transfer services and other products to individuals and businesses across the country.
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.
According to the press release, the license would enable the company to function as a payment service provider and enable deposits and withdrawals. 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 to 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.
Flutterwave is committed to connecting Africa to the world
Olugbenga “GB’ Agboola, Founder and CEO of Flutterwave commented that the company has been very committed to its vision of connecting all parts of Africa and connecting the continent to the world since facilitating its first transaction. He mentioned that Rwanda is known for its interest in fostering innovation and digital technology. For this reason, the country could play a huge role in its expansion plan across East Africa.
We are delighted for the vote of confidence in being granted these licenses. With them, we will leverage our extensive global reach and continuous growth in emerging markets to provide MSMEs in Rwanda with the tools they need to stimulate the economy, facilitate seamless cross-border transactions for Rwandans and support the expansion drive of global and Rwandan businesses.
Leah Uwihoreye, Flutterwave’s East Africa Regional Lead, Regulatory and Government Affairs also believes that the license will allow the company to provide secure, safe, and seamless payment services for businesses and individuals. According to him, this is the beginning of its effort to expand across East Africa.
This is a great achievement for the company. As Rwanda continues executing important reforms to enhance the ease of doing business and implementing its Fintech Strategy 2022-2027, Flutterwave keeps contributing towards achieving a cashless economy by innovating and employing digital technology to support businesses and stimulate the economic growth of countries where we operate.
Last year, Flutterwave raised $250 million in a Series D round tripling its valuation to $3 billion in just 12 months. Before then, it had raised $170 million in a Series C round in March 2021 sending its valuation to $1 billion.
In 2018, the company sealed a partnership with Ripple to use Flutterwave’s core API and Ripple’s software solution xCurrent to make payments safe and cheaper for companies in P2P, B2B, or B2C. This move could expose XRP to a huge audience to accelerate its adoption.
Flutterwave is a Nigerian fintech company founded in 2016 to provide payment infrastructure for global merchants and payment service providers across Africa.
