Flutterwave has obtained approval from the Bank of Ghana to provide inward remittance services, reflecting its dedication to simplifying payments in Africa. Ghana’s fintech sector thrives on mobile money, with 60% of foreign exchange transactions occurring through such platforms. The regulatory support enhances Flutterwave’s ability to offer reliable and cost-effective services to Ghanaians, promoting economic growth.
Flutterwave, a prominent payments technology company in Africa, has recently received approval from the Bank of Ghana to offer inward remittance services in the country. This significant milestone enhances Flutterwave’s dedication to simplifying payment solutions across Africa, emphasizing its commitment to fostering financial inclusion and economic growth in the region.
The fintech sector in Ghana is rapidly advancing due to a high penetration of mobile phones and a robust mobile money ecosystem. Notably, 60% of foreign exchange transactions are conducted through mobile money platforms, reflecting their crucial importance in the financial lives of Ghanaians. Concurrently, sectors such as InsurTech, LendTech, and Buy Now, Pay Later (BNPL) are growing vigorously, indicating a vibrant and varied fintech landscape.
Moreover, the regulatory support provided by the Bank of Ghana and the Ghana Digital Agenda has established a favorable environment for fintech innovation. Flutterwave’s approval to offer remittance services aligns with these positive trends and aims to provide Ghanaians with fast, secure, and cost-effective options for receiving funds from abroad.
Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, expressed enthusiasm about the new approval, stating that it signifies a crucial advancement in the mission to simplify payments for endless possibilities and highlights the importance of remittances in the Ghanaian economy. He aims for a streamlined service for Ghanaians in the diaspora who wish to send money home.
Additionally, Oluwabankole Falade, Chief Regulatory and Government Affairs Officer at Flutterwave, remarked on the significance of regulatory compliance and adaptability to the specific requirements of the Ghanaian market. He expressed gratitude to the Bank of Ghana for their support, indicating Flutterwave’s eagerness to broaden its services within the country.
In conclusion, Flutterwave’s approval to provide remittance services in Ghana underscores its commitment to enhancing payment solutions in Africa. The approval not only reflects the rapid development of Ghana’s fintech landscape but also the supportive regulatory environment that facilitates innovation. Through this initiative, Flutterwave aims to address the remittance needs of Ghanaians, thereby contributing to financial inclusion and economic growth in the region.
Original Source: ffnews.com
