Flutterwave has secured a Payment System licence in Zambia, enhancing its operations in over 30 countries. The licence allows local businesses to use Flutterwave’s payment solutions for seamless transactions, promoting financial growth. This expansion is aiming to enhance digital payments in Zambia, where mobile money is prevalent, facilitating secure and efficient payment collections and international business engagements.
Flutterwave has recently acquired a Payment System licence from the Bank of Zambia, marking a significant expansion into the Zambian market. This licence enables local businesses to utilize Flutterwave’s payment solutions, enhancing both local and international transaction capabilities. As a result, the digital finance ecosystem in Zambia is expected to strengthen, supporting the growth of financial services in Africa.
Flutterwave’s entry into Zambia is part of its strategic efforts to enhance its footprint across Africa, now encompassing over 30 countries. With mobile money services representing nearly 70% of Zambia’s financial inclusion, this expansion will likely accelerate digital payment adoption, fostering growth among businesses. The technology provided by Flutterwave offers secure and cost-effective payment solutions, empowering companies in their operational scaling.
By leveraging Flutterwave’s platform, Zambian enterprises can streamline their financial processes, moving away from cash dependency. The firm also facilitates mobile money collections and payouts, simplifying transactions and making it easier for businesses to manage their finances. This capability is vital for Zambian businesses aiming to adapt to the rapidly changing digital finance landscape.
The presence of Flutterwave in Zambia serves as an entry point for international markets seeking to penetrate the Zambian economy. Their platform promotes seamless local transactions while assisting businesses with cross-border payment solutions, which enable efficient payment collection from international customers. Such capabilities will encourage Zambian firms to engage in global commerce, fostering international business operations.
Flutterwave’s continuous expansion in Africa, as seen with its recent licencing in Ghana and Mozambique, showcases its commitment to enhancing payment infrastructure. The agreement made in 2021 with MTN Group to enable mobile money payments across various African countries, including Zambia, has significantly bolstered the ease of digital transaction adoption. This collaboration underlines the company’s efforts to progress the fintech landscape in the region, bridging the financial gaps in the economy.
Flutterwave’s acquisition of a Payment System licence in Zambia represents a crucial step in enhancing digital financial services within the country. By empowering local businesses and facilitating international transactions, Flutterwave is poised to accelerate digital payment adoption and economic growth. With its ongoing expansion across Africa, the company reaffirms its position as a leader in the fintech sector committed to improving financial inclusion and fostering economic development.
Original Source: techpoint.africa
