Flutterwave, a prominent payment infrastructure provider, has achieved a significant milestone by obtaining an Enhanced Payment Service Provider (PSP) License from the Bank of Ghana. This new license allows Flutterwave to expand its payment solutions in Ghana, advancing its mission to streamline and enhance payment processes across Africa.
Ghana’s digital payments sector is experiencing rapid growth, with Statista projecting the market to reach $7.46 billion in 2024 and potentially grow to $12.96 billion by 2028. This growth is driven by deep internet penetration, a tech-savvy youth population, and a burgeoning local tech startup ecosystem. In this context, Flutterwave’s enhanced capabilities are set to play a crucial role in supporting local businesses.
With the PSP license, Flutterwave can now offer a comprehensive range of payment solutions tailored to Ghanaian businesses. These include facilitating collections from both local and international customers through various payment methods such as mobile money, debit and credit cards, Apple Pay, and Google Pay. Additionally, businesses can process payouts to employees, vendors, and partners in Ghanaian Cedi and other currencies. The platform also automates invoicing processes, creating payment links for transactions in over 50 currencies, and integrates with Flutterwave’s robust API for seamless online payment processing.
Rotimi Okungbaye, Manager of Product Marketing at Flutterwave, highlighted Ghana’s promising digital landscape as a key reason for the expansion. He emphasized the company’s commitment to financial inclusion by providing solutions that cater to a broader customer base, including those without traditional banking access.
Businesses interested in using Flutterwave’s services can start by contacting the sales team or visiting the Flutterwave website. The company offers free sign-up, and transaction fees are based on a percentage of each payment processed.
This new development positions Flutterwave as a key player in Ghana’s evolving digital payments market, reinforcing its role in connecting African economies with global markets and supporting local business growth.
Philips Babatunde