Flutterwave Receives Approval for Inward Remittance Services in Ghana

Flutterwave has received approval from the Bank of Ghana to provide inward remittance services, enhancing its presence in Ghana’s fintech sector. This approval supports the growing demand for remittances in a booming mobile money environment that constitutes 60% of foreign exchange inflows. The company aims to streamline remittance processes for Ghanaians both locally and abroad.

Flutterwave, a premier payments technology company in Africa, has gained approval from the Bank of Ghana to offer inward remittance services. This approval represents a significant expansion within Ghana’s burgeoning fintech sector.

Ghana’s fintech ecosystem is thriving, notably with mobile money, which constitutes 60% of the nation’s foreign exchange inflows. This development enables Flutterwave to enhance remittance processes, providing Ghanaians with efficient and cost-effective methods to receive international funds.

The rapid growth of Ghana’s fintech landscape is driven by extensive mobile network access and a favorable regulatory environment guided by the Bank of Ghana and Ghana’s Digital Agenda. In addition to mobile money, sectors such as InsurTech, LendTech, and Buy Now, Pay Later are witnessing significant advancements.

With an increasing number of Ghanaians depending on international remittances for everyday expenses and investments, there is a heightened demand for seamless remittance solutions. Flutterwave’s CEO Olugbenga ‘GB’ Agboola expressed enthusiasm, stating, “We are excited to receive this approval, which marks a significant step in our mission to simplify payments.” He emphasized the critical role of remittances in the Ghanaian economy.

Oluwabankole Falade, Chief Regulatory and Government Affairs Officer at Flutterwave, affirmed, “This approval reaffirms our commitment to regulatory compliance and delivering reliable payment solutions tailored to Ghana’s needs.”

In summary, Flutterwave’s approval to offer remittance services in Ghana marks a substantial move in enhancing the country’s fintech landscape. As demand for seamless remittance options grows, Flutterwave aims to provide Ghanaians with faster, more affordable methods for receiving funds, reinforcing the importance of remittances within the Ghanaian economy.

Original Source: techlabari.com