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Flutterwave licenced to compete in Egypt

By , Freelance Investigative Journalist
Kenya , Africa , Egypt , 10 Feb 2023

Fintech and cross-border payments company Flutterwave has secured two payment processing licences to operate in Egypt.

The company said the Payment Services Provider and Payments Facilitator licences will help it to engage Egypt’s digital payments market, which according to Statista is projected to top US$14.15-billion in 2023.

Flutterwave is permitted to operate as an official digital payments service provider and collect and settle payments on behalf of clients.

This gives the Nigerian unicorn a competitive edge as it will be among the few service providers in Egypt capable of facilitating both local and international payments.

Flutterwave CEO and Founder, Olugbenga ‘GB’ Agboola.
Flutterwave CEO and Founder, Olugbenga ‘GB’ Agboola.

The company said it will roll out its “Flutterwave for Business” suite of products including store, payment links, invoices, and checkout.

Flutterwave CEO and Founder Olugbenga GB Agboola said: “Our vision is to connect all parts of Africa through payments and connect Africa to the world. This way, it is easier for multinationals expanding into Africa to do so. This achievement is yet another step in that direction.”

The company recently secured a Switching and Processing Licence from the Central Bank of Nigeria and has renewed its operational licence in South Africa and Tanzania.

Cleared in Kenya

In a separate development, Flutterwave has been cleared of any wrongdoing by the Asset Recover Agency (ARA) of Kenya, which in July last year accused the company, among others, of operating illegally in the country and proceeded to freeze its bank accounts.

Flutterwave released a statement and said it had fully cooperated with Kenya authorities at all stages of a review process and it had instituted structures to ensure risk, corporate governance and transparency.

The Fintech firm’s reach extends to 34 African countries, including Kenya, Nigeria, South Africa and Uganda.

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