Flutterwave Receives Approval for Remittance Services in Ghana

Flutterwave has secured approval from the Bank of Ghana to offer inward remittance services, enabling faster and cost-effective fund transfers for Ghanaians. This development supports the growing fintech sector in Ghana, where mobile money significantly contributes to foreign exchange inflows. Company officials express excitement about simplifying payment processes for the Ghanaian diaspora while emphasizing regulatory compliance.

Flutterwave, a prominent payments technology company in Africa, has recently obtained authorization from the Bank of Ghana to offer inward remittance services. This move represents a significant expansion of Flutterwave’s presence in Ghana’s emerging fintech landscape.

The importance of this approval lies in Ghana’s rapidly evolving fintech environment, where mobile money accounts for 60% of foreign exchange inflows. This initiative will enable Flutterwave to facilitate remittances, providing Ghanaians with faster and more affordable options to receive money from abroad.

The growth of Ghana’s fintech sector is driven by widespread mobile adoption and a conducive regulatory environment established by the Bank of Ghana in alignment with the Ghana Digital Agenda. Additionally, areas such as InsurTech, LendTech, and Buy Now, Pay Later (BNPL) are also witnessing significant expansion, catering to the increasing requirements for seamless remittance services among Ghanaians who depend on international transfers for their everyday financial needs.

In response to the approval, Flutterwave CEO Olugbenga ‘GB’ Agboola expressed, “We are excited to receive this approval, which marks a significant step in our mission to simplify payments. Remittances play a vital role in the Ghanaian economy, and we aim to make the process seamless for Ghanaians in the diaspora.” Complementing this, Oluwabankole Falade, Chief Regulatory and Government Affairs Officer, stated, “This approval reaffirms our commitment to regulatory compliance and delivering reliable payment solutions tailored to Ghana’s needs.”

In conclusion, Flutterwave’s approval to provide remittance services in Ghana is a pivotal development for the country’s fintech industry. With mobile money at the forefront of financial transactions, this initiative seeks to enhance the remittance processes for Ghanaians, aligning with the nation’s growing demand for efficient payment solutions. The statements from Flutterwave officials underline their commitment to innovation and compliance in delivering tailored services to their customers.

Original Source: techlabari.com