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, while the remittance solution enables $end by Flutterwave to process inbound and outbound cross-border transfers in Rwanda.
With these new licenses, Flutterwave can offer money deposit, withdrawal, electronic funds transfer, and inbound and outbound remittance services to the 13.46 million people living and working in Rwanda.
According to Rwanda’s National Institute of Statistics, Micro, Small & Medium Enterprises (MSMEs) in Rwanda account for about 97percent of businesses and contribute almost 55 percent to the total GDP. That makes MSMEs critical to job creation and the country’s economic growth.
Flutterwave will be deploying a range of products in Rwanda, including Send by Flutterwave, its cross-border money transfer solution, according to a statement by the company.
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Also available will be Flutterwave for Business and its suite of products, including Store, payment links, invoices, and check out to help individuals and businesses in Rwanda make the most of the booming eCommerce market.
Olugbenga GB Agboola, founder and CEO of Flutterwave, said, “From our first transaction to over 400 million now, we have 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 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.”
According to Agboola, with the licenses, 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.
Commenting on the news, Leah Uwiroheye, East Africa regional lead, regulatory and government affairs, Flutterwave, said this 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,” she said.
“The licenses will enable us to provide safe, secure and seamless payment services for individuals and businesses in Rwanda. This is a starting point for Flutterwave as we expand across East Africa.”
