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Flutterwave has recently secured a Payment Service Provider (PSP) licence in Ghana, enhancing its capabilities to deliver seamless and secure money transfers across the country. This new development will allow businesses in Ghana to benefit from a range of services including direct collection and payout solutions, automated invoicing, payment links, and a comprehensive checkout system that supports various payment methods such as cards, mobile money, and bank transfers.
“Ghana represents a promising market for Flutterwave’s cutting-edge solutions. With its stable democracy, a tech-savvy youth demographic, and a high mobile internet penetration rate of 71%, the country is primed for rapid digital adoption,” Flutterwave noted.
The company highlighted that Ghana’s digital payments market is projected to reach $7 billion by 2024, with a growth rate of 15.78%, potentially totaling $12.96 billion by 2028.
Olugbenga ‘GB’ Agboola, Founder & CEO of Flutterwave, emphasized that obtaining this licence marks a significant milestone towards the company’s objective of unifying Africa’s fragmented payment infrastructure. “This achievement brings us closer to our goal of streamlining payment processes across the continent. We are dedicated to fostering economic growth and delivering exceptional service to our customers in Ghana and the diaspora,” Agboola stated.
This move follows the Bank of Mozambique’s approval of Flutterwave’s payment aggregator licence two months ago, which enabled the company to extend its services into Mozambique.
In June 2024, Flutterwave restructured its workforce, laying off approximately 30 employees—about 3% of its total staff—as part of a strategic shift towards focusing on remittance and enterprise services, its primary revenue sources.
Additionally, in July 2024, Flutterwave announced a partnership with Nigeria’s Economic and Financial Crimes Commission (EFCC) to establish a Cybercrime Research Centre aimed at combating internet crime and enhancing the security of online transactions.
This expansion into Ghana and Mozambique, coupled with strategic partnerships and organizational changes, underscores Flutterwave’s commitment to advancing digital payment solutions across Africa.
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