Flutterwave Approved by Bank of Ghana for Inward Remittance Services

Flutterwave has received approval from the Bank of Ghana to offer inward remittance services, enhancing cross-border payments for Ghanaians. The fintech landscape in Ghana is growing, with significant contributions from mobile money platforms. This approval reinforces Flutterwave’s commitment to improving payment processes and promotes financial inclusion and economic growth in the region.

Flutterwave, a leading payments technology company in Africa, has announced that it has received approval from the Bank of Ghana to offer inward remittance services. This approval underscores Flutterwave’s dedication to enhancing cross-border payments, making them more accessible, secure, and affordable for Ghanaians, thereby simplifying the payment process across the continent.

The fintech landscape in Ghana is rapidly developing, characterized by high mobile phone usage alongside a flourishing mobile money ecosystem. Currently, approximately 60% of foreign currency transactions are conducted via mobile money platforms, highlighting their vital role in enhancing the financial systems of the country. Moreover, sectors such as InsurTech, LendTech, and Buy Now, Pay Later (BNPL) are witnessing significant advancement, indicating a vibrant and varied fintech environment.

Moreover, the favorable regulatory framework established by the Bank of Ghana and the ongoing Ghana Digital Agenda has fostered a nurturing environment for fintech innovations. Flutterwave’s recent approval aligns with these initiatives, enabling Ghanaians to take advantage of efficient, secure, and low-cost remittance services.

Olugbenga ‘GB’ Agboola, the Founder and CEO of Flutterwave, expressed enthusiasm about the approval, stating that it significantly advances the company’s mission of simplifying payment processes while supporting economic growth in Africa. He emphasized the importance of remittances in the Ghanaian economy, particularly for Ghanaians living abroad who wish to send money home. Additionally, Oluwabankole Falade, Chief Regulatory and Government Affairs Officer at Flutterwave, noted the company’s commitment to adhering to regulatory standards and their eagerness to expand their offerings in Ghana.

In conclusion, Flutterwave’s approval by the Bank of Ghana to provide inward remittance services represents a pivotal step towards enhancing cross-border payments for Ghanaians. With the fintech sector undergoing rapid expansion and supported by regulatory frameworks, this initiative aims to simplify financial transactions for the diaspora while promoting economic growth and financial inclusion in the region.

Original Source: techafricanews.com