Flutterwave, Africa’s leading fintech on Wednesday disclosed that the company has been granted licenses of operation in Rwanda.
The company received Electronic Money Issuer and Remittance Licenses from the National Bank of Rwanda.
This is part of the company’s expansion moves into East Africa.
Added to the Payment Service Provider, Flutterwave now offers money deposits, withdrawals, electronic funds transfer, and inbound and outbound remittance services to the 13.46 million people doing business in Rwanda.
Send by Flutterwave, its cross-border money transfer solution, Flutterwave for Business and its suite of products, including Store, payment links, invoices and checkout will individuals and businesses in Rwanda are the products that fintech will deployed in Rwanda.
According to Rwanda’s National Institute of Statistics, Micro, Small & Medium Enterprises, 97% of businesses make up 55% to the total GDP.
“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 licenses. With them, we will leverage our extensive global reach and continuous growth in emerging markets to provide MSMEs 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.” Flutterwave CEO, Olugbenga “GB’ Agboola reacted to the news excitedly.
Flutterwave enables payments for individuals and businesses across 13 countries around the world.
