The Bank of Ghana has authorized Flutterwave to offer inward remittance services, enhancing cross-border payments for Ghanaians. This approval emphasizes Flutterwave’s focus on facilitating efficient payments while aligning with Ghana’s evolving fintech landscape and supportive regulatory framework. The initiative seeks to improve remittance services for Ghanaians worldwide.
The Bank of Ghana has granted Flutterwave the authorization to offer inward remittance services, enhancing the speed, security, and affordability of cross-border payments for Ghanaians. This strategic move by Flutterwave, Africa’s leading payment technology firm, reinforces its commitment to simplifying payment mechanisms throughout the continent.
Ghana’s fintech sector is rapidly advancing, underscored by high mobile phone usage and a strong mobile money framework. Notably, 60% of foreign exchange transactions occur via mobile money platforms, underlining their significance in the financial ecosystem. Growth is also seen in areas such as InsurTech, LendTech, and Buy Now, Pay Later (BNPL), contributing to a vibrant fintech landscape.
Moreover, the favorable regulatory climate fostered by the Bank of Ghana and the Ghana Digital Agenda enhances the appeal for fintech advancements. Flutterwave’s approved services align with these trends and aim to deliver efficient remittance solutions for Ghanaians.
Founder and CEO of Flutterwave, Olugbenga ‘GB’ Agboola, expressed enthusiasm regarding the approval, highlighting the importance of smooth remittance processes for Ghanaians abroad sending money back home. He emphasized the role of remittances in Ghana’s economy, and Flutterwave’s dedication to supporting financial integration and growth in Africa.
Oluwabankole Falade, Flutterwave’s Chief Regulatory and Government Affairs Officer, reiterated the company’s commitment to regulatory compliance. He noted the readiness to meet the unique demands of the Ghanaian market and thanked the Bank of Ghana for their collaboration, with hopes of expanding their services further in the region.
Flutterwave’s approval by the Bank of Ghana to provide inward remittance services marks a pivotal development in Ghana’s financial landscape. This enhancement of cross-border payment solutions aligns with the nation’s growing fintech ecosystem and regulatory support. The company aims to facilitate remittance processes, contributing to the financial stability and inclusion of Ghanaians, both locally and abroad.
Original Source: techafricanews.com
