Flutterwave Expands Payment Options in Ghana With Virtual Accounts

Flutterwave, Africa’s leading payments technology company, has announced the roll-out of its Static and Dynamic Virtual Accounts service to Flutterwave merchants in and outside Ghana, further expanding its suite of payment solutions to enhance convenience and flexibility for businesses and customers.

The new feature enables Ghanaian customers to make payments to Flutterwave merchants using the widely adopted Pay With Bank Transfer (PWBT) method. As a company committed to simplifying payments and enabling seamless transactions, Flutterwave continues to innovate by providing businesses with new tools to collect payments efficiently. By introducing Static and Dynamic Virtual Accounts, the company aims to eliminate payment limitations caused by borders or restricted payment methods.

Enhancing Payment Options With Virtual Accounts

The newly launched Ghana Virtual Accounts service enables merchants to generate both static and dynamic virtual accounts through Flutterwave’s API. These virtual accounts provide customers with an additional payment option, allowing direct transactions via bank transfers or mobile money services.

• Dynamic Virtual Accounts are designed for one-time transactions at checkout. Customers are presented with virtual account details during the payment process and must transfer the exact amount to that account for the transaction to be completed successfully.
• Static Virtual Accounts can be used for recurring payments or to assign unique account details to specific customers, offering greater flexibility for businesses managing frequent transactions.

This expansion complements existing payment methods available to Ghanaian customers, which includes mobile money, debit and credit cards, Google Pay, and Apple Pay, further strengthening Flutterwave’s payment ecosystem.

Benefits of Ghana Virtual Accounts

1. Seamless & Secure Transactions
   Customers can securely complete payments through bank transfers, reducing fraud risks. Transactions are authorized via the customer’s banking app or mobile money platform, ensuring a high level of security.

2. Minimized Errors & Refund Requests
   The use of dynamic virtual accounts ensures that customers pay the exact amount required, reducing discrepancies and refund-related issues.

   

3. Swift Settlements
   Payments processed through the Pay with Bank Transfer method are settled within 24 hours, significantly faster than other payment options. This rapid settlement process improves cash flow for merchants.

4. Increased Transaction Limits
   With Pay with Bank Transfer, customers can complete transactions up to GHS 2,000,000, far exceeding the GHS 25,000 limit imposed on mobile money transactions. This higher limit enhances the payment experience for customers handling large transactions.

5. Scalability for Businesses
   Whether for small businesses or large enterprises, Ghana Virtual Accounts provide scalable solutions to meet varying payment needs. Merchants can generate single or bulk static accounts via API as required.

   

6. Easy Integration
   Businesses can seamlessly integrate this feature into their existing systems via Flutterwave’s API. Detailed API documentation is available to facilitate smooth adoption.

7. E-Levy Considerations
   To improve the customer experience, Flutterwave has incorporated E-Levy charge notifications into the system, ensuring that users are aware of applicable charges before completing transactions.

Driving Digital Payment Innovation in Ghana

Flutterwave’s introduction of Ghana Virtual Accounts comes after the fintech unicorn earlier this month, announced its approval to provide inward remittance services to Ghana, granted by the Bank of Ghana (BoG).

These developments, underscores the company’s commitment to expanding digital payment options in the country. By offering secure, fast, and scalable payment solutions, the Flutterwave continues to empower merchants while improving the payment experience for Ghanaian consumers.