Flutterwave has been granted its electronic money issuer and remittance licenses by the National Bank of Rwanda, making it the continent’s top provider of payment technology. The business will be able to grow its activities in East Africa as a result.
With these additional licenses, Flutterwave may provide electronic funds transfers, inbound and outbound remittance services, as well as money deposit and withdrawal, to the 13.46 million residents and workers in Rwanda.
According to the National Institute of Statistics of Rwanda, Micro, Small, and Medium-Sized Businesses (MSMEs) make up about 97% of all enterprises in Rwanda and are responsible for nearly 55% of the country’s GDP. MSMEs are therefore essential to the nation’s economic development and the production of jobs.
What Flutterwave Licenses Will Do
In Rwanda, Flutterwave will roll out a number of its products, including Send by Flutterwave, its cross-border money transfer service.
To enable people and companies in Rwanda to take full advantage of the country’s thriving eCommerce sector, Flutterwave for Business and its suite of products, including Shop, payment links, invoicing, and checkout, will also be made available.
CEO’s Response To The Additional Licenses
“From our first transaction to over 400 million transactions currently, we’ve remained true to our vision of connecting all of Africa through payments and linking Africa to the globe,” said Olugbenga “GB” Agboola, founder and CEO of Flutterwave, in response to the news.
“Rwanda has always been significant to our expansion goals in East Africa since it is a nation renowned for encouraging innovation and the use of digital technology. We are grateful for the endorsement shown in granting us these permits. Together, we will take advantage of our extensive global network and ongoing expansion into emerging markets to give MSMEs in Rwanda the resources they require to boost the country’s economy, enable frictionless cross-border transactions for Rwandans, and support the expansion of both international and domestic businesses.”
Leah Uwihoreye, Flutterwave’s East Africa Regional Lead for Regulatory and Government Relations, also commented on the announcement, saying, “This is a fantastic accomplishment for the company. By innovating utilizing using digital technology to support businesses and foster the economic growth of the nations in which we operate, Flutterwave continues to contribute to the realization of a cashless economy as Rwanda implements significant reforms to improve the ease of doing business and its Fintech Strategy in 2022–2027. We will be able to offer seamless, safe, and secure payment services to individuals and companies in Rwanda thanks to licenses. For Flutterwave, this is unquestionably the beginning of our expansion throughout East Africa.”
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