Flutterwave has received approval from the Bank of Ghana to provide inward remittance services, reinforcing its mission to simplify payments across Africa. Ghana’s fintech landscape is flourishing, driven by mobile money usage, regulatory support, and growth in various sectors. Key executives at Flutterwave have expressed their commitment to compliance and enhancing service offerings in Ghana.
Flutterwave, a prominent African payments technology company, has recently obtained approval from the Bank of Ghana to offer inward remittance services in the country. This significant development underscores Flutterwave’s dedication to simplifying payment processes and expanding its operations across Africa.
Ghana’s fintech sector is witnessing rapid advancements, fueled by widespread mobile phone usage and a vigorous mobile money ecosystem. Notably, 60% of foreign exchange inflows are transacted through mobile money platforms, highlighting their pivotal role in the financial activities of Ghanaians. Emerging sectors such as InsurTech, LendTech, and Buy Now, Pay Later (BNPL) are also flourishing, creating a vibrant fintech landscape.
The regulatory framework established by the Bank of Ghana, alongside the Ghana Digital Agenda, provides a conducive environment for fintech innovation. Flutterwave’s recent approval aligns with these regulatory advancements, allowing Ghanaians to access fast, secure, and affordable remittance services.
Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, expressed enthusiasm regarding the approval: “We are excited to receive the approval to provide inward remittance services in Ghana, which marks a significant step in our mission to simplify payments for endless possibilities.” He acknowledged the critical role of remittances in the Ghanaian economy and emphasized the commitment to facilitating seamless money transfers for the diaspora.
Additionally, Oluwabankole Falade, Chief Regulatory and Government Affairs Officer at Flutterwave, highlighted the company’s adherence to regulatory standards: “This approval showcases our dedication to complying with regulatory standards and our readiness to provide reliable payment solutions that address the unique needs of the Ghanaian market.” He expressed gratitude to the Bank of Ghana for their ongoing support and looks forward to enhancing services within the country.
In conclusion, Flutterwave’s recent approval for remittance services in Ghana marks a significant advancement for the company and the local fintech landscape. With a commitment to simplifying payment processes, Flutterwave aims to facilitate financial inclusion and support the Ghanaian economy. The supportive regulatory environment and the growth of mobile money further strengthen this development, paving the way for enhanced remittance solutions.
Original Source: ffnews.com
