Flutterwave, the paytech firm operating across Africa, has now secured a Payment System Licence to operate in Zambia, enabling it to deliver mobile money services to enterprises in the Southern African country.
Having obtained the licence, Flutterwave plans to facilitate both local and international trade, while boosting financial inclusion and economic growth in Zambia. It says its mobile money collections and payout services will enable Zambian businesses across various industries to streamline transactions, reduce costs, and scale efficiently both locally and globally.
The paytech sees significant potential in Zambia, as the country’s internet penetration rate continues to increase, alongside the adoption of mobile money for everyday transactions. In fact, mobile money adoption contributes almost 70 per cent of Zambia’s financial inclusion rate.
“Our goal is to provide businesses across the entire African region with the tools they need to compete not just locally but globally,” explained Olugbenga ‘GB’ Agboola, founder and CEO of Flutterwave. “Flutterwave’s infrastructure now stretches across the majority of Africa and, with our new licence in Zambia, we are one step closer to achieving our mission. At Flutterwave, we believe that by simplifying payments, we can unlock new opportunities for businesses in Zambia and contribute to the country’s broader economic development.”
For international companies looking to expand into Zambia, Flutterwave provides a reliable gateway to the market, enabling seamless local payments and supporting everything from consumer transactions to
business-to-business payments.
One step closer to Pan-African expansion
Zambian businesses aiming to access global markets will benefit from Flutterwave’s cross-border payment solutions, which make it easier to collect payments from customers in the diaspora and conduct business on a global scale.
“Acquiring the Payment System Licence in Zambia is a crucial step in our Pan-African expansion strategy,” said Oluwabankole Falade, chief regulatory officer at Flutterwave. “This licence allows us to not only support Zambian businesses in growing and competing globally but also to ensure that our operations are in full compliance with local regulations.
“We are deeply grateful to the Bank of Zambia for their trust and for the opportunity to work within Zambia’s financial ecosystem. We are committed to collaborating closely with the Bank of Zambia and other regulatory bodies to promote financial innovation and drive economic growth.”
With a track record of success across Africa, Flutterwave has become a trusted partner for businesses in over 30 countries. It says its expansion into Zambia further reinforces its commitment to supporting African businesses and boosting economic growth through digital payments.
