Flutterwave has received approval from the Bank of Ghana to offer inward remittance services, advancing secure and affordable cross-border payments. The approval aligns with Ghana’s rapidly evolving fintech environment, characterized by mobile money growth and regulatory support. Flutterwave aims to facilitate remittances for Ghanaians, boosting financial inclusion and economic growth.
The Bank of Ghana has granted Flutterwave approval to offer inward remittance services, aiming to enhance the efficiency of cross-border payments for Ghanaians. This approval aligns with Flutterwave’s objective of simplifying financial transactions across the African continent.
Ghana’s fintech sector is experiencing significant growth due to its high mobile phone usage and a thriving mobile money ecosystem. Approximately 60% of foreign exchange transactions are facilitated through mobile money platforms, highlighting their importance in the financial dealings of Ghanaians. In addition to mobile money, other sectors such as InsurTech, LendTech, and Buy Now, Pay Later (BNPL) are also expanding rapidly, showcasing a vibrant fintech landscape.
The Bank of Ghana’s supportive regulatory framework, coupled with the Ghana Digital Agenda, has fostered a favorable environment for fintech innovation. Flutterwave’s recent approval ensures that Ghanaians will have access to quick, secure, and affordable remittance services, contributing to financial inclusion.
Olugbenga ‘GB’ Agboola, the Founder and CEO of Flutterwave, expressed enthusiasm for this milestone, emphasizing the vital role remittances play in Ghana’s economy and the importance of a seamless process for Ghanaians in the diaspora.
Oluwabankole Falade, Chief Regulatory and Government Affairs Officer at Flutterwave, assured that the company is dedicated to adhering to regulatory standards and is eager to enhance payment solutions tailored to the Ghanaian market.
This development is expected to significantly benefit the financial lives of Ghanaians and further advance the promise of fintech in the region.
In conclusion, Flutterwave’s recent approval by the Bank of Ghana marks a substantial advancement in facilitating cross-border remittances, significantly impacting the financial landscape for Ghanaians. With a thriving fintech environment and supportive regulatory measures, this initiative aims to enhance financial inclusion, ease of transactions, and economic growth in Ghana. The approval not only underscores Flutterwave’s commitment to the region but also bodes well for the future of fintech innovations in Africa.
Original Source: techafricanews.com
