Flutterwave has obtained a Payment System licence from the Bank of Zambia, allowing Zambian businesses to utilize its payment solutions. This expansion aims to foster digital transactions in Zambia, where mobile money accounts for nearly 70% of financial inclusion. The company’s technology enables secure payments, supporting both local and international business growth across Africa.
Flutterwave has secured a Payment System licence from the Bank of Zambia, marking a significant expansion of its operations in Africa. This licence enables Zambian businesses to utilize Flutterwave’s advanced payment solutions, facilitating both local and international transactions and enhancing the landscape of digital financial services across the continent. The company now boasts operations in over 30 countries, aligning with its strategic aim to increase its footprint in Africa.
Given that nearly 70% of Zambia’s financial transactions occur through mobile money, Flutterwave’s entry into this market is expected to boost digital transaction volumes and promote business growth. Its technology empowers enterprises by offering secure and cost-effective payment solutions, allowing for efficient scaling of operations. Businesses can leverage the Flutterwave platform for streamlined mobile money collections and payouts, thereby reducing reliance on cash transactions.
Flutterwave’s establishment in Zambia serves as a vital access point for international companies interested in entering the Zambian market. The platform supports seamless local transactions while facilitating cross-border payment solutions, allowing Zambian enterprises to collect payments from customers worldwide and thereby encouraging international business activities.
The company’s expansion into Zambia is part of its broader mission to enhance payment infrastructure throughout Africa. It has previously secured a Payment Service Provider licence in Ghana in August 2024, simplifying payment processes for businesses, and has received a payment aggregator licence in Mozambique.
Further emphasizing its commitment to improving digital transactions, Flutterwave collaborated with MTN Group in 2021 to provide mobile money payment capabilities in numerous African markets, including Zambia. This partnership enabled businesses to accept payments via MTN Mobile Money, increasing access to digital transactions in the region.
In conclusion, Flutterwave’s acquisition of a Payment System licence in Zambia reflects its commitment to expanding digital financial services across Africa. By facilitating secure and efficient payment solutions, the company empowers local businesses while ensuring access to international markets. This development is crucial for promoting economic inclusion in Zambia and underscores Flutterwave’s leading role in the continent’s fintech advancement.
Original Source: techpoint.africa
