Olugbenga Agboola, founder and CEO of Flutterwave.

The Bank of Ghana granted fintech company Flutterwave a Payment Service Provider (PSP) License (Enhanced Category) earlier this week.

According to the company, the Bank of Ghana's approval marks a significant milestone for it because it makes it possible to expand its payment options throughout Africa.

It stated that businesses in Ghana may now immediately use its payment solutions to accept payments from clients and move funds to suppliers, vendors, staff, and so on.

This result demonstrates its dedication to regulatory compliance and the provision of secure and dependable payment solutions, according to the fintech.

This is Flutterwave's newest license; the firm has been expanding its reach in Africa since the National Bank of Rwanda granted it electronic money issuer and remittance licenses, paving the way for it to increase its influence in East Africa.

Commenting on the Ghana licence, the fintech said: “We knew Ghana was the place to be because of its booming digital landscape. With a deep internet penetration, a tech-savvy youth population and hundreds of local tech start-ups, Ghana is an ideal environment for innovative payment solutions. The country’s digital payments market is poised for exponential growth. “

According to Statista, Ghana's digital payments market will be worth $7.46 billion in 2024, with a compound annual growth rate of 14.81% expected to increase to $12.96 billion by 2028.

Flutterwave stated that there is a significant possibility for digital payments in Ghana.

“Our PSP license positions us to contribute to the growth of digital payments in Ghana by providing businesses with the tools they need to prosper in the digital economy,” said the company.