Africa’s most capitalised startup Flutterwave has secured two new licenses from the National Bank of Rwanda to deepen payments and broaden operations.
In a press release obtained by Investors King, the fintech company was granted Electronic Money Issuer and Remittance Licenses to expand operations in East Africa.
Explaining the importance of the new electronic money issuer license, the company said it will allow Flutterwave to acquire all types of payment instruments in Rwanda while the remittance license will enable $end by Flutterwave to process inbound and outbound cross-border transfers in Rwanda.
With the new licenses, coupled with the company’s existing Payment Service Provider, Flutterwave can now 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.
Commenting on the new licenses, Olugbenga “GB’ 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.”
Leah Uwihoreye, Flutterwave’s East Africa Regional Lead, Regulatory and Government Affairs, also have this to say, “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.”