Flutterwave has continued to deepen its presence in the African market amid growing competition. The Africa’s largest fintech announced Wednesday it has secured Electronic Money Issuer and Remittance Licenses from the National Bank of Rwanda.
The licenses will help the company expand its operations in East Africa where it is expected to meet competition from top players such as LipaLater (Kenya), ImaliPay (Kenya), Credrails (Kenya), and Nala (Tanzania).
Olugbenga “GB’ Agboola, Founder and CEO of Flutterwave said Rwanda is important to the company’s plan to deepen its presence in East Africa.
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“From our first transaction to over 400 million now, we’ve remained committed to our vision of connecting all parts of Africa through payments and connecting Africa to the world. As a country well known for fostering innovation and promoting the use of digital technology, Rwanda has always been important to our expansion plans in East Africa,” he said.
“We are delighted for the vote of confidence in being granted these licenses. With them, we will leverage our extensive global reach and continuous growth in emerging markets to provide MSMEs in Rwanda with the tools they need to stimulate the economy, facilitate seamless cross-border transactions for Rwandans and support the expansion drive of global and Rwandan businesses,” he added.
Flutterwave said in a statement that the licenses will help it to offer other services in addition to being a Payment Service Provider. The services include money deposit and withdrawal, electronic funds transfer, as well as inbound and outbound remittance services to the 13.46 million people living and working in Rwanda.
Flutterwave will be deploying a range of products in Rwanda, including Send by Flutterwave, its cross-border money transfer solution. Also available will be Flutterwave for Business and its suite of products, including Store, payment links, invoices and checkout to help individuals and businesses in Rwanda make the most of the booming eCommerce market.
Rwanda has a vibrant economy being spurred by hundreds of small scale businesses. Micro, Small & Medium Enterprises (MSMEs) in Rwanda account for about 97% of businesses and contribute almost 55% to the total GDP, according to Rwanda’s National Institute of Statistics. That makes MSMEs critical to job creation and the economic growth of the country.
Leah Uwiroheye, Flutterwave’s East Africa Regional Lead, Regulatory and Government Affairs, described the licenses as starting point for the company.
“This is a great achievement for the company. As Rwanda continues executing important reforms to enhance the ease of doing business and implementing its Fintech Strategy 2022-2027, Flutterwave keeps contributing towards achieving a cashless economy by innovating and employing digital technology to support businesses and stimulate the economic growth of countries where we operate. The licenses will enable us to provide safe, secure and seamless payment services for individuals and businesses in Rwanda. This is definitely a starting point for Flutterwave as we continue to expand across East Africa,” she said.