Flutterwave, the payments technology company for Africa, has secured approval from the Bank of Ghana to provide inward remittance services to Ghana.
Having secured regulatory approval, Flutterwave can now offer secure and cost-effective remittance services across Ghana, in line with the Bank of Ghana and the Ghana Digital Agenda’s aims to bolster fintech innovation.
The move comes as Ghanaians increasingly adopt mobile money solutions in their day-to-day lives. In Ghana, around 60 per cent of foreign exchange is received through mobile money platforms, highlighting their growing importance in the financial lives of Ghanaians.
Beyond mobile money, sectors like insurtech, lendtech, and buy now, pay later (BNPL) are also experiencing significant growth, presenting a dynamic and diverse fintech environment.
“We are excited to receive the approval to provide inward remittance services in Ghana, which marks a significant step in our mission to simplify payments for endless possibilities,” explained Olugbenga ‘GB’ Agboola, founder and CEO of Flutterwave. “Remittances play a vital role in the Ghanaian economy, and our goal is to make the process as seamless as possible for Ghanaians in the diaspora looking to send money home. This approval is a testament to our ongoing commitment to supporting financial inclusion and economic growth in Africa.”
Flutterwave says the development highlights its commitment to simplifying payments for endless possibilities across Africa.
Oluwabankole Falade, chief regulatory and government affairs officer at Flutterwave, also adds: “This approval showcases our dedication to complying with regulatory standards and our readiness to provide reliable payment solutions that address the unique needs of the Ghanaian market. We are grateful to the Bank of Ghana for their support and look forward to expanding our services in the country.”
