Flutterwave, Africa’s payments technology company, has received its Payment Services Provider and Payments Facilitator licenses in Egypt.
The Payment Services Provider and Payments Facilitator licenses will enable Flutterwave to act as an official payment service provider in the country, collect payments on behalf of its customers and settle payments locally and globally .The licences will enable Flutterwave to deploy its Business suite of products including store, payment links, invoices and checkout in Egypt.
Commenting on the news, Olugbenga GB Agboola, CEO and Founder of Flutterwave said:“We are proud to have been granted the Payment Services Provider and Payment Facilitator licenses in Egypt, which forms part of our international expansion strategy. This is testament to our commitment to provide first-class payment services, seamlessly connecting businesses to their customers. Our vision is to connect all parts of Africa through payments and connect Africa to the world. This way, it is easier for multinationals expanding into Africa to do so. This achievement is yet another step in that direction. ”
With the license,Flutterwave becomes one of the few payment service providers in Egypt with both local and global settlements capabilities.
Flutterwave will also be in a strong position to empower businesses based in Egypt to expand internationally, in addition to creating new jobs in the country through empowering local businesses.
Flutterwave facilitates cross-border transactions in multiple currencies for global companies, including Uber, and the new licenses will help the company support international businesses entering the Egyptian market or growing their operations in the country.
Commenting on the news, Aalaa Gamal, Regional Manager, North Africa in Expansion & Partnerships, Egypt, said, “We’re excited to receive the payments services provider and facilitator licenses in Egypt. The licenses will enable us to be the go-to payment processor and digital transformation partner for global settlements in Egypt, which enables our customers to expand quickly within or outside of the country. This, for us, is the beginning of other strategic wins in the North Africa and Middle East regions.”
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