Flutterwave has received approval from the Bank of Ghana to provide inward remittance services. This initiative aims to enhance cross-border payment solutions for Ghanaians, emphasizing the importance of remittances in the local economy. The Ghanaian fintech landscape is rapidly growing, supported by a robust regulatory framework. Flutterwave looks forward to expanding its services and reinforcing financial inclusion in Africa.
The Bank of Ghana has granted Flutterwave approval to offer inward remittance services, enhancing cross-border payment solutions for Ghanaians. This approval positions Flutterwave as a key player in the evolving Ghanaian fintech space, which boasts extensive mobile phone use and a strong mobile money ecosystem. Notably, approximately 60% of foreign exchange is processed via mobile money platforms, underlining their importance in the financial sphere of Ghana.
The fintech environment in Ghana is thriving, showcasing growth in InsurTech, LendTech, and Buy Now, Pay Later (BNPL) services. A supportive regulatory framework from the Bank of Ghana and the Ghana Digital Agenda facilitates this innovative market. Flutterwave’s approval aligns with these advancements, ensuring faster, more secure, and affordable remittance options for users.
Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, expressed enthusiasm regarding the approval, emphasizing its significance for Ghanaians in the diaspora aiming to send money back home. He lauded remittances as vital to Ghana’s economy and reaffirmed Flutterwave’s mission in financial inclusion and economic support across Africa.
Oluwabankole Falade, Chief Regulatory and Government Affairs Officer, also highlighted the company’s adherence to regulatory compliance and readiness to cater to the specific needs of the Ghanaian market. He expressed gratitude to the Bank of Ghana and looked forward to expanding Flutterwave’s services within the country.
In summary, Flutterwave’s recent approval by the Bank of Ghana signifies a pivotal enhancement in cross-border remittance services, aimed at improving the financial landscape for Ghanaians. This development not only underscores the importance of remittances in Ghana’s economy but also illustrates Flutterwave’s commitment to compliance and innovative payment solutions tailored to local market needs. Overall, this advancement is expected to support economic growth and strengthen financial inclusion across Africa.
Original Source: techafricanews.com
