Flutterwave, Africa’s Fintech unicorn, has been granted approval-in-principle for its payment aggregator license in Mozambique.
This approval which was issued by the Central Bank of Mozambique, will enable Flutterwave to offer its comprehensive payment services within the country and strengthen its operations in southern African markets.
With a rapidly advancing e-payment ecosystem, reports project Mozambique’s digital transaction value to increase by over 15.28%(CAGR) over the next four years.
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Flutterwave’s expansion into the Southern African country aligns with its strategic vision of deploying its multiple licenses, infrastructural reach, and network of global partnerships to make doing business and expanding across Africa seamless for global enterprises.
The company added that it aims to empower local businesses and welcimeglobal enterprises across all industries by offering them a payment solution that promotes inclusive growth.
Commenting on Flutterwave’s approval-in-principle for its payment aggregator license in Mozambique, the company’s founder and CEO, Olugbenga Agboola said,
“We are grateful to the Central Bank of Mozambique for this approval. It comes at the right moment when Mozambique’s digital payment ecosystem is experiencing tremendous growth. As individuals and businesses payment needs evolve across the country, we are ready to leverage our technology, extensive industry experience, and comprehensive solutions to meet their diverse payment needs. Our goal is to empower local businesses and open doors for global enterprises across all industries by providing them with a secure and convenient payment solution that drives inclusive growth.”
It is worth noting that aside from Mozambique, Flutterwave has already been granted licenses in several Southern African countries. These include Nigeria, Kenya, Ghana, South Africa, Uganda, Tanzania, Rwanda and Egypt.
In November 2023, Flutterwave announced that it had secured an International Money Transfer Operator (IMTO) license from the Reserve Bank of Malawi, enabling the smooth transfer of funds internationally within the nation.
Flutterwave’s expansion across several African countries highlights its role as a crucial player in the continent’s payment ecosystem. By offering versatile payment solutions and fostering partnerships, it continues to drive financial innovation and inclusion in Africa.
Notably, beyond Africa, the Fintech giant has also entered the United States, where it announced in December 2023 that it had acquired money transfer licenses in 13 US states, which includes Arizona, Arkansas, Maryland, Michigan, Delaware, Georgia, Maine, Mississippi, Missouri, New Hampshire, Iowa, North Dakota, and South Dakota.
Founded in 2016, Flutterwave aims to simplify payments for endless possibilities. The platform connects Africa to the global economy by making it easy for businesses of all sizes to process payments from anywhere in the world.