Flutterwave, Africa’s leading payments technology company, has received approval from the Bank of Ghana to offer inward remittance services in the country. This milestone reinforces Flutterwave’s mission to simplify payments and drive financial inclusion across Africa.
Transforming Ghana’s Fintech Landscape
Ghana has a rapidly growing fintech ecosystem, driven by high mobile phone penetration and an expanding mobile money sector. Notably, 60% of foreign exchange inflows are received through mobile money platforms, underscoring their essential role in the financial lives of Ghanaians.
Beyond mobile money, InsurTech, LendTech, and Buy Now, Pay Later (BNPL) services are witnessing substantial growth, creating a dynamic digital payments environment. The Bank of Ghana and the Ghana Digital Agenda have fostered a supportive regulatory framework, making the country an attractive hub for fintech innovation and investment.
Flutterwave’s latest regulatory approval aligns with these developments, ensuring that Ghanaians receive remittances in a fast, secure, and cost-effective manner.
A Step Towards Seamless Cross-Border Payments
Commenting on the approval, Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, emphasized the company’s dedication to enhancing remittance services:
“We are excited to receive this approval to provide inward remittance services in Ghana. This marks a significant step in our mission to simplify payments for endless possibilities. Remittances play a vital role in the Ghanaian economy, and we aim to make the process as seamless as possible for Ghanaians in the diaspora looking to send money home.”
For many Ghanaian families, remittances serve as a crucial financial lifeline, supporting education, healthcare, and daily expenses. By leveraging its cutting-edge technology, Flutterwave aims to remove barriers to sending and receiving money while ensuring transactions remain affordable and efficient.
Commitment to Regulatory Compliance and Growth
Flutterwave’s approval from the Bank of Ghana is also a testament to its commitment to regulatory compliance and industry standards. Oluwabankole Falade, Chief Regulatory and Government Affairs Officer at Flutterwave, expressed gratitude to the central bank, stating:
“This approval showcases our dedication to adhering to regulatory standards and our readiness to provide reliable payment solutions that meet the unique needs of the Ghanaian market. We appreciate the Bank of Ghana’s support and look forward to expanding our services in the country.”
With this approval, Flutterwave continues to strengthen its position as a leader in Africa’s digital payments sector, empowering millions with accessible and secure financial solutions.
