Flutterwave has secured approval from the Bank of Ghana to provide inward remittance services, which enhances its presence in Ghana’s thriving fintech sector. This approval comes as mobile money dominates the financial landscape, accounting for 60% of foreign exchange inflows, enabling Flutterwave to offer faster and more cost-effective transfer solutions.
Flutterwave, a prominent payments technology company in Africa, has received authorization from the Bank of Ghana to offer inbound remittance services. This development allows Flutterwave to enhance its presence in Ghana’s expanding fintech landscape.
The approval is significant as Ghana’s fintech ecosystem experiences rapid growth, primarily driven by mobile money, which constitutes 60% of the nation’s foreign exchange inflows. Flutterwave aims to facilitate faster and more affordable remittance options for Ghanaians receiving funds from overseas.
Ghana’s fintech sector thrives due to high mobile penetration and a conducive regulatory environment provided by the Bank of Ghana alongside the Ghana Digital Agenda. In addition to mobile money, other sectors such as InsurTech, LendTech, and Buy Now, Pay Later (BNPL) are also witnessing substantial expansion.
The increasing reliance on international transfers by Ghanaians for everyday expenses and investments highlights the growing demand for efficient remittance solutions. “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,” stated Flutterwave CEO Olugbenga ‘GB’ Agboola.
Additionally, Oluwabankole Falade, the Chief Regulatory and Government Affairs Officer, commented, “This approval reaffirms our commitment to regulatory compliance and delivering reliable payment solutions tailored to Ghana’s needs.”
In conclusion, Flutterwave’s recent approval from the Bank of Ghana to offer remittance services not only enhances its operations within Ghana’s burgeoning fintech arena but also underscores the critical role of remittances in the Ghanaian economy. The company is poised to provide improved and efficient remittance options, contributing to the economic development and financial inclusion of Ghanaians, particularly those living abroad.
Original Source: techlabari.com
