Flutterwave, one of Africa’s leading payments technology companies, has received an electronic money issuer and remittance license from the National Bank of Rwanda, which will expand its payment options in East Africa.
The Electronic Money Issuer license allows the company to acquire all payment instruments in Rwanda. At the same time, the remittance solution enables Send by Flutterwave to process inbound and outbound cross-border transfers in Rwanda.
In a statement, the company said that with these new licenses, in addition to being a Payment Service Provider, Flutterwave can offer money deposit and withdrawal, electronic funds transfer, and inbound and outbound remittance services to the 13.46 million people living and working in Rwanda.
Flutterwave will be deploying a range of products in Rwanda, including Send by Flutterwave, its cross-border money transfer solution. Also available will be Flutterwave for Business and its suite of products, including Store, payment links, invoices and checkout to help individuals and businesses in Rwanda make the most of the booming eCommerce market.
Commenting on this development, Olugbenga Agboola, Founder and CEO of Flutterwave, said, “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.’’
Commenting also, Leah Uwiroheye, Flutterwave’s East Africa Regional Lead, Regulatory and Government Affairs, said, ”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.’’