Bank of Ghana Approves Flutterwave for Inward Remittance Services

Flutterwave has received approval from the Bank of Ghana to offer inward remittance services, enhancing cross-border payment efficiency for Ghanaians. The approval comes amidst a growing fintech environment in Ghana, characterized by significant mobile money utilization. Flutterwave aims to improve financial inclusion and economic growth through this development.

Flutterwave has been granted official approval by the Bank of Ghana to supply inward remittance services, marking a pivotal advancement in the facilitation of cross-border payments for Ghanaians. This endorsement reflects Flutterwave’s dedication to enhancing payment processes and fostering financial growth across the African continent.

Ghana’s fintech sector is witnessing rapid growth, underpinned by extensive mobile phone usage and an influential mobile money framework. Approximately 60% of foreign exchange is managed through mobile money services, highlighting their essential role in the financial activities of Ghanaians. Moreover, other sectors such as InsurTech, LendTech, and Buy Now, Pay Later (BNPL) demonstrate substantial growth potential within this vibrant fintech landscape.

The regulatory framework fostered by the Bank of Ghana and the Ghana Digital Agenda has created an inviting environment for fintech innovation. Flutterwave’s recent approval is aligned with these favorable developments, enabling Ghanaians to access efficient, secure, and economical remittance services effectively.

“We are excited to receive the approval to provide inward remittance services in Ghana, which marks a significant step in our mission to simplify payments for endless possibilities. Remittances play a vital role in the Ghanaian economy, and our goal is to make the process as seamless as possible for Ghanaians in the diaspora looking to send money home,” stated Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave.

Oluwabankole Falade, Chief Regulatory and Government Affairs Officer at Flutterwave, expressed, “This approval showcases our dedication to complying with regulatory standards and our readiness to provide reliable payment solutions that address the unique needs of the Ghanaian market. We are grateful to the Bank of Ghana for their support and look forward to expanding our services in the country.”

Flutterwave’s recent authorization from the Bank of Ghana to deliver inward remittance services represents a significant advancement in cross-border payment solutions for Ghanaians. This approval not only enhances the efficiency of financial transactions within Ghana’s evolving fintech landscape but also underscores the importance of regulatory support in fostering innovation. By simplifying payment processes, Flutterwave aims to contribute significantly to financial inclusion and economic development in Africa.

Original Source: techafricanews.com