Flutterwave secures Enhanced PSP license from Bank of Ghana

Flutterwave, a leading payments technology company, has been granted an Enhanced Payment Service Provider (PSP) license by the Bank of Ghana.

Flutterwave’s operations will thrive in Ghana where there is a stable democracy, a tech-savvy youth population, and a high mobile internet penetration rate of 71%. Ghana’s digital payments market is projected to reach $7 billion in 2024, with an anticipated growth rate of 15.78% and a total value of $12.96 billion by 2028.

For potential customers in Ghana, Flutterwave’s license translates to more seamless and secure money transfers. Businesses will benefit from direct collection and payout services, automated invoicing, payment links, and a checkout solution that supports multiple payment methods including cards, mobile money, and bank transfers.

Flutterwave’s PSP license (Enhanced Category) allows the company to operate without the need for third-party services, streamlining payment processes for businesses and customers alike.

The Enhanced Category license further empowers Flutterwave to support other licensed fintech companies in Ghana by providing essential payment services, ultimately promoting a more integrated and efficient financial ecosystem.

“When we started this journey, our goal was to unite the fragmented payment infrastructure in Africa, and securing this license in Ghana brings us a step closer to achieving that mission,” Olugbenga ‘GB’ Agboola, Founder & CEO of Flutterwave said.

“At Flutterwave, we are committed to using our platform to promote economic growth to the nation, while also providing unparalleled service to all our prospective customers in Ghana and in the diaspora, ” the CEO added.

The Chief Regulatory Officer of Flutterwave, Oluwabankole Falade, commended the Bank of Ghana for their trust and support in granting the license.

“This milestone highlights our commitment to regulatory compliance and delivering secure, reliable payment solutions. We are excited to contribute to Ghana’s dynamic business ecosystem and support the financial inclusion of Ghanaians, both locally and globally,” he said.

The Enhanced PSP licence granted to Flutterwave by the Bank of Ghana will increase trust in the company’s services, thereby helping to streamline payment systems between businesses and customers in the country.