Flutterwave has received a Payment System license from the Bank of Zambia, enabling it to provide comprehensive payment solutions. This expansion allows Zambian businesses to accept local and international payments more effectively. With internet penetration increasing and a projected USD 6.7 billion payment market by 2025, Flutterwave offers secure, compliant, and scalable payment services to facilitate business operations in Zambia.
Flutterwave, a leading fintech provider, has obtained a Payment System license from the Bank of Zambia, allowing it to enhance its payment services across Africa. This license will enable Zambian businesses to more easily accept payments from local and international customers through their preferred methods. Flutterwave also facilitates single and bulk disbursements to partners and employees, promoting a more efficient business environment.
Zambia’s digital landscape presents significant opportunities, driven by a notable increase in internet accessibility, which currently stands at 32%. The digital payments market in Zambia is anticipated to reach USD 6.7 billion by 2025. This growth necessitates secure, efficient, and scalable payment solutions as more individuals and businesses engage in digital transactions.
By establishing operations in Zambia, Flutterwave ensures that businesses can leverage secure payment solutions compliant with industry standards such as PA-DSS, PCI-DSS, and ISO certifications for enhanced data protection. The platform aims to increase payment completion rates and operational efficiency, fostering both business and revenue growth.
Flutterwave’s payment gateway allows businesses to accept local and international payments from various payment methods, including credit cards and mobile money. Additionally, the system enables seamless disbursements in Zambian Kwacha, allowing payments to multiple recipients, such as employees and suppliers.
Businesses can integrate Flutterwave’s API into their websites and applications to manage online payments effectively, with features such as checkout, direct charge, and plugins including Shopify. The Flutterwave dashboard facilitates transaction monitoring, report creation, and collaboration among team members, equipping businesses to manage their finances adeptly.
In summary, Flutterwave’s licensing from the Bank of Zambia marks a pivotal development in enhancing digital payments within Zambia. The fintech’s solutions are poised to support local businesses in easing payment processes, thereby contributing to the country’s digital transformation as the demand for secure and efficient payment systems continues to grow.
Original Source: thepaypers.com
