Flutterwave has received approval from the Bank of Ghana to offer inward remittance services, expanding its role in Ghana’s burgeoning fintech industry. This development aims to provide Ghanaians with faster and less costly means of receiving international funds, amidst the thriving mobile money ecosystem in the country.
Flutterwave, a prominent payments technology company in Africa, has gained approval from the Bank of Ghana to launch inward remittance services. This development aims to enhance its presence within Ghana’s expanding fintech sector, which is currently experiencing substantial growth.
The fintech landscape in Ghana is thriving, with mobile money services playing a pivotal role. Notably, mobile transactions account for 60% of the country’s foreign exchange inflows, underscoring the importance of Flutterwave’s new service offering.
With this approval, Flutterwave is positioned to optimize the remittance process for Ghanaians, providing faster and more cost-efficient methods for receiving international funds. This initiative aligns with the increasing need for reliable remittance solutions as many Ghanaians depend on these transfers for their everyday expenses and investments.
Ghana’s fintech sector is bolstered by a combination of high mobile penetration rates and a supportive regulatory environment facilitated by the Bank of Ghana and the Ghana Digital Agenda. This context encourages quick growth in areas such as InsurTech, LendTech, and Buy Now, Pay Later (BNPL) services.
Olugbenga ‘GB’ Agboola, CEO of Flutterwave, expressed excitement over the approval, stating, “We are excited to receive this approval, which marks a significant step in our mission to simplify payments. Remittances play a vital role in the Ghanaian economy, and we aim to make the process seamless for Ghanaians in the diaspora.”
Oluwabankole Falade, Chief Regulatory and Government Affairs Officer, noted, “This approval reaffirms our commitment to regulatory compliance and delivering reliable payment solutions tailored to Ghana’s needs.”
Flutterwave’s recent approval to provide remittance services in Ghana marks a pivotal moment for both the company and the country’s fintech landscape. The initiative promises to facilitate faster and more affordable international money transfers, enhancing financial accessibility for Ghanaians. As the fintech ecosystem continues to expand, particularly in mobile money, Flutterwave’s commitment to compliance and innovation will be crucial for success and economic impact in Ghana.
Original Source: techlabari.com
