Flutterwave has obtained a Payment System licence from the Bank of Zambia, allowing Zambian businesses to utilize its payment solutions. The company aims to accelerate digital transactions significantly, given that mobile money accounts for nearly 70% of Zambia’s financial inclusion. This expansion is part of Flutterwave’s broader strategy to enhance payment infrastructure across Africa, operating in over 30 countries with a focus on facilitating both local and international transactions.
Flutterwave has successfully acquired a Payment System licence from the Bank of Zambia, thereby enhancing its operational footprint in the nation. This licence allows Zambian businesses to utilize Flutterwave’s comprehensive payment solutions for both local and international transactions, which is instrumental in bolstering digital financial services across the African continent.
With mobile money usage representing nearly 70% of Zambia’s financial inclusion, Flutterwave’s entry is poised to expedite the growth of digital transactions and enhance business opportunities. The company’s advanced technology promotes secure and cost-effective payment processes, empowering businesses to scale their operations efficiently.
Enterprises can now leverage Flutterwave’s platform for mobile money collections and payouts, thereby streamlining their financial processes and minimizing reliance on cash transactions. As a significant player in Africa’s fintech industry, Flutterwave’s establishment in Zambia will serve as a vital entry point for international companies targeting the Zambian market, facilitating smooth local transactions and supporting businesses in their global expansion efforts.
By providing cross-border payment solutions, Flutterwave ensures that Zambian businesses can effectively collect payments from international customers, thus promoting global trade operations. The expansion into Zambia underscores Flutterwave’s ongoing objective to reinforce payment infrastructure throughout Africa, having already established a presence in over 30 countries with innovative digital payment solutions for both businesses and consumers.
Prior to its expansion into Zambia, Flutterwave secured a Payment Service Provider licence in Ghana in August 2024, simplifying payment processes for local enterprises. Additionally, in June 2024, it received preliminary approval for a payment aggregator licence in Mozambique, further extending its reach across the continent. In 2021, a partnership was formed with MTN Group to facilitate mobile money payments in multiple African nations, including Zambia.
In conclusion, Flutterwave’s acquisition of a Payment System licence in Zambia marks a significant advancement in its mission to enhance financial services across Africa. With a focus on improving digital transactions and enabling businesses to engage in international commerce, Flutterwave’s commitment to fostering economic inclusion is evident. The company’s strategic initiatives are not only beneficial to Zambian enterprises but also bolster its role as a key influencer in the Continental fintech landscape.
Original Source: techpoint.africa
