Flutterwave Secures Payment Licence in Zambia

Flutterwave has secured a Payment System licence in Zambia, enabling local businesses to benefit from its payment solutions. This expansion is part of its strategy to enhance its presence across Africa, improving digital transactions in a market where mobile money plays a crucial role. Flutterwave’s technology aims to streamline financial operations and support cross-border payment needs, reinforcing its position as a leader in African fintech.

Flutterwave has recently acquired a Payment System licence from the Bank of Zambia, marking a significant expansion of its operations into the Zambian market. This licence allows local businesses to utilize Flutterwave’s comprehensive payment solutions for efficient local and international transactions, thereby enhancing digital financial services across the African continent.

This development is part of Flutterwave’s overarching strategy to solidify its presence in Africa, where it is now operational in more than 30 countries. Given that mobile money services account for nearly 70% of Zambia’s financial inclusion, Flutterwave’s entry is poised to catalyze growth in digital transactions and business operations.

The technology that Flutterwave provides facilitates secure and cost-effective payment solutions, allowing enterprises to scale their operations seamlessly. Businesses can now leverage Flutterwave’s platform for mobile money collections and payouts, thereby streamlining financial processes and reducing reliance on cash-based transactions.

Flutterwave’s presence in Zambia also offers a vital gateway for international companies aiming to enter the Zambian market. The platform not only enables efficient local transactions but also aids Zambian businesses in expanding their reach globally through cross-border payment solutions.

This strategic expansion is part of Flutterwave’s ongoing mission to bolster payment infrastructure across Africa. The company has previously secured a Payment Service Provider licence in Ghana, which allows independent operations and simplification of payment processes for businesses and consumers.

Furthermore, in June 2024, Flutterwave attained approval in principle for a payment aggregator licence in Mozambique, further extending its footprint on the continent. Notably, Flutterwave partnered with MTN Group in 2021 to facilitate mobile money payments across several African markets, including Zambia, enhancing digital transaction accessibility.

As the adoption of digital payments continues to surge in Africa, Flutterwave’s strategic maneuvers fortify its role as a vital player in the continent’s fintech revolution, bridging financial gaps and promoting economic inclusivity.

In summary, Flutterwave’s recent acquisition of a Payment System licence in Zambia represents a key milestone in its strategy to enhance digital financial services across Africa. With the company’s advanced technology and supportive infrastructure, businesses in Zambia can now streamline their financial operations and foster international partnerships, ultimately contributing to the continent’s economic growth and financial inclusion.

Original Source: techpoint.africa