Flutterwave has received approval from the Bank of Ghana to provide inward remittance services, enhancing secure and cost-effective cross-border payments for Ghanaians. This aligns with the rapidly evolving fintech environment in Ghana, characterized by high mobile money usage. The approval underscores Flutterwave’s commitment to supporting financial inclusion and compliance with regulatory standards.
Flutterwave, a leading payments technology company in Africa, has recently received approval from the Bank of Ghana to offer inward remittance services. This approval enhances the provision of fast, secure, and affordable cross-border payments for the Ghanaian populace, emphasizing Flutterwave’s dedication to improving financial transactions across the continent.
Ghana’s fintech sector is rapidly advancing, underpinned by high mobile phone usage and a robust mobile money ecosystem. Currently, approximately 60% of foreign exchange transactions are processed through mobile money platforms, highlighting their integral role in the financial systems of Ghanaians. Various sectors, including InsurTech, LendTech, and Buy Now, Pay Later (BNPL), are also thriving, contributing to a vibrant fintech industry.
The favorable regulatory framework established by the Bank of Ghana and the Ghana Digital Agenda fosters an attractive environment for fintech innovation. Flutterwave’s recent approval aligns with these positive developments, ensuring increased access to reliable remittance services, thus benefiting Ghanaians significantly.
Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, expressed enthusiasm regarding this approval, stating, “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 further noted the importance of remittances in the Ghanaian economy, with a commitment to streamlining money transfers for those in the diaspora.
Oluwabankole Falade, Chief Regulatory and Government Affairs Officer at Flutterwave, added that this approval demonstrates their commitment to regulatory standards and their readiness to meet the needs of the Ghanaian market. He expressed gratitude to the Bank of Ghana for their support and the potential for further service expansion in the region.
In conclusion, Flutterwave’s approval by the Bank of Ghana to offer inward remittance services signifies a major advancement in facilitating secure and affordable cross-border payments for Ghanaians. This development, combined with Ghana’s flourishing fintech landscape, positions Flutterwave as a key contributor to enhancing financial inclusion and economic growth within the region, ultimately benefiting not just local users but also the diaspora community.
Original Source: techafricanews.com
