Rwanda grants fintech Flutterwave two additional licences
Fintech Flutterwave has been granted electronic money issuer and remittance licences by the National Bank of Rwanda, clearing a pathway for the company to deepen its footprint in East Africa.
Flutterwave announced it had secured the two licences yesterday, saying the move will help the company expand its operations in East Africa and enable citizens of the country to make and receive cashless payments more easily.
With these new licences, in addition to being a payment service provider, Flutterwave can now offer cash deposit and withdrawal, electronic funds transfer, as well as inbound and outbound remittance services to the 13.46 million people living and working in Rwanda.
Flutterwave says it will be deploying a range of products in Rwanda, including Send by Flutterwave, its cross-border money transfer solution.
Also, available will be Flutterwave for Business and its suite of products, including store, payment links, invoices and checkout to enable individuals and businesses in Rwanda to ‘make the most of the booming ecommerce market’.
Olugbenga Agboola, Flutterwave founder and CEO, comments: “From our first transaction to over 400 million now, we’ve remained committed to our vision of connecting all parts of Africa through payments and connecting Africa to the world.
“As a country well known for fostering innovation and promoting the use of digital technology, Rwanda has always been important to our expansion plans in East Africa.
“We are delighted for the vote of confidence in being granted these licences. With them, we will leverage our extensive global reach and continuous growth in emerging markets to provide micro, small and medium enterprises in Rwanda with the tools they need to stimulate the economy, facilitate seamless cross-border transactions for Rwandans and support the expansion drive of global and Rwandan businesses.”
According to Rwanda’s National Institute of Statistics, micro, small and medium enterprises in the country account for 97% of businesses and contribute almost 55% of the total GDP.
This, Flutterwave says, makes the sector critical to job creation and the economic growth of the country, and the fintech intends to service small businesses with financial services.
Flutterwave’s East Africa regional lead: Regulatory and Government Affairs, Leah Uwihoreye, adds: “As Rwanda continues executing important reforms to enhance the ease of doing business and implementing its Fintech Strategy 2022-2027, Flutterwave keeps contributing towards achieving a cashless economy by innovating and employing digital technology to support businesses and stimulate the economic growth of countries where we operate.
“The licences will enable us to provide safe, secure and seamless payment services for individuals and businesses in Rwanda. This is definitely a starting point for Flutterwave as we continue to expand across East Africa.”