Flutterwave Secures Two Additional Licenses In Rwanda: Electronic Money Issuer & Remittance Licenses
Flutterwave, Africa’s leading payment technology company, today announced that it has acquired an e-money issuer and remittance license from the National Bank of Rwanda. This will allow the company to expand its operations in East Africa.
With these new licenses, Flutterwave will be able to provide its 13.46 million people living and working in Rwanda with payment services as its provider, as well as money deposits and withdrawals, electronic transfers and payment processing. It will be available as a trader. money transfer service.
According to the Rwanda National Institute of Statistics, Rwanda’s micro, small, and medium enterprises makeup about 97% of businesses and about 55% of the total GDP. This allows MSMEs to play an important role in job creation and the country’s economic growth. Flutterwave will deploy a range of products in Rwanda, including its cross-border money transfer solution, Send by Flutterwave.
It also utilizes Flutterwave for Business and a suite of products including shops, payment links, invoices and checkout to enable Rwandan individuals and businesses to take full advantage of the booming e-commerce market.
“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.”
Olugbenga “GB’ Agboola, Founder and CEO of Flutterwave.
“This is a great achievement for the company. As Rwanda continues executing important reforms to enhance the ease of doing business and implementing its Fintech Strategy 2022-2027, Flutterwave keeps contributing towards achieving a cashless economy by innovating and employing digital technology to support businesses and stimulate the economic growth of countries where we operate. The licenses will enable us to provide safe, secure and seamless payment services for individuals and businesses in Rwanda. This is definitely a starting point for Flutterwave as we continue to expand across East Africa.”
Leah Uwiroheye, Flutterwave’s East Africa Regional Lead, Regulatory and Government Affairs.