Flutterwave, Africa’s leading payments technology company, has received its Electronic Money Issuer and Remittance Licenses from the National Bank of Rwanda. This move will help the company expand its operations in East Africa and offer new services to the 13.46 million people living and working in Rwanda.
With the new licenses, Flutterwave can offer money deposit and withdrawal, electronic funds transfer, and inbound and outbound remittance services in addition to being a Payment Service Provider. Flutterwave will be deploying a range of products in Rwanda, including Send by Flutterwave, its cross-border money transfer solution, and Flutterwave for Business, with its suite of products including Store, payment links, invoices, and checkout. These products will help individuals and businesses in Rwanda make the most of the booming eCommerce market.
Rwanda’s National Institute of Statistics reports that Micro, Small & Medium Enterprises (MSMEs) in Rwanda account for about 97% of businesses and contribute almost 55% to the total GDP, making MSMEs critical to job creation and the economic growth of the country. Flutterwave aims 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, commented on the news, “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.”
Leah Uwihoreye, Flutterwave’s East Africa Regional Lead, Regulatory and Government Affairs, added, “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.”
Flutterwave’s expansion in Rwanda is part of its wider plan to connect Africa through payments and provide African businesses with the tools they need to grow and succeed. The company already operates in 20 African countries and serves over 290,000 businesses. With its new licenses in Rwanda, Flutterwave can now expand its services to support more businesses and individuals in East Africa.
Flutterwave’s mission is to simplify payments for endless possibilities, and the company has been successful in achieving this mission by offering innovative payment solutions to businesses and individuals across Africa. With its new licenses in Rwanda, Flutterwave will be able to offer even more payment solutions and help businesses in Rwanda grow and succeed in the booming eCommerce market.