Flutterwave, a leading African fintech company, announced today that it has been granted a Payment Service Provider (PSP) License (Enhanced Category) by the Bank of Ghana. This milestone allows Flutterwave to offer a wider range of payment solutions directly to businesses in Ghana, streamlining their payment processes and fostering financial inclusion.

The license signifies a significant step forward for Flutterwave’s mission to simplify payments across Africa. Businesses in Ghana can now leverage Flutterwave’s comprehensive suite of payment solutions, including:

• Collections: Receive payments seamlessly from local and international customers through familiar methods like mobile money, debit/credit cards, Apple Pay, and Google Pay.
• Payouts: Process single and bulk payments to employees, vendors, and partners in Ghanaian Cedis and other currencies.
• Invoicing: Automate invoicing through the “Flutterwave for Business” dashboard to expedite payment collection.
• Payment Links: Generate secure payment links to receive payments from customers in over 50 currencies.
• Payment APIs: Integrate Flutterwave’s robust API into existing products for online payment processing through various options.

These solutions simplify payment processes for businesses and enable them to receive and make payments efficiently.

Flutterwave’s decision to prioritize Ghana reflects the country’s burgeoning digital landscape. With high internet penetration, a tech-savvy youth population, and a thriving startup ecosystem, Ghana presents a fertile ground for innovative payment solutions. Statista projects the Ghanaian digital payments market to reach $7.46 billion in 2024, with a projected CAGR (compound annual growth rate) of 14.81% leading to a market size of $12.96 billion by 2028. Flutterwave’s PSP license empowers them to contribute to this growth by providing businesses with the tools they need to thrive in the digital economy.

Flutterwave is committed to promoting financial inclusion in Ghana. By offering local payment methods like mobile money, their solutions make it easier for businesses to reach a wider customer base, including those who may not have access to traditional banking services.

The license allows Flutterwave to legally provide the infrastructure for seamless payment processing and scaling in Ghana. With a proven track record of serving over 1.5 million businesses, including prominent names like Uber, Air Peace, Bamboo, PiggyVest, and Netflix, processing over $32 billion in transactions, Flutterwave expresses its dedication to supporting the growth and success of Ghanaian businesses through its innovative payment solutions.