Africa’s payments technology company, Flutterwave has received Electronic Money Issuer and Remittance Licenses from the National Bank of Rwanda,allowing it to offer money deposit and withdrawal, electronic funds transfer, as well as inbound and outbound remittance services to the 13.46 million people living and working in Rwanda.
The move comes after Flutterwave was granted approval from the Egyptian authority to operate as a Payment Service Provider in the country.
Olugbenga Agboola, Founder and CEO of Flutterwave, said, “From our first transaction to over 400 million now, we’ve remained committed to our vision of connecting all parts of Africa through payments and connecting Africa to the world. As a country well known for fostering innovation and promoting the use of digital technology, Rwanda has always been important to our expansion plans in East Africa.
“We are delighted for the vote of confidence in being granted these licenses. With them, we will leverage our extensive global reach and continuous growth in emerging markets to provide MSMEs in Rwanda with the tools they need to stimulate the economy, facilitate seamless cross-border transactions for Rwandans and support the expansion drive of global and Rwandan businesses,” he added.
With the licenses ,Flutterwave will be expected to provide a range of products in Rwanda, including Send by Flutterwave, its cross-border money transfer solution, Flutterwave for Business and its suite of products, including Store, payment links, invoices and checkout to help individuals and businesses in Rwanda make the most of the booming eCommerce market.
Commenting on the news, Leah Uwihoreye, Flutterwave’s East Africa Regional Lead, Regulatory and Government Affairs, said, “This is a great achievement for the company. As Rwanda continues executing important reforms to enhance the ease of doing business and implementing its Fintech Strategy 2022-2027,
Flutterwave keeps contributing towards achieving a cashless economy by innovating and employing digital technology to support businesses and stimulate the economic growth of countries where we operate. The licenses will enable us to provide safe, secure and seamless payment services for individuals and businesses in Rwanda. This is definitely a starting point for Flutterwave as we continue to expand across East Africa.”