Flutterwave has secured two licences – Payment Service Provider and Payments Facilitator – from Egyptian financial market authorities to commence service in the $14.15 billion market.
The licences enable Flutterwave to act as an official payment service provider in the country, collecting payments on behalf of its customers and settling payments locally and globally. The company said it would deploy Fluterwave for Business suite of products including store, payment links, invoices, and check-outs in Egypt.
Digital payment has seen high adoption in Egypt. According to a Mastercard survey, in 2021, 88 percent of consumers in Egypt have used at least one digital payment method. The report expects this trend to continue going forward, with comfort and security key to growing adoption. The index also showed that traditional payment methods in Egypt still have traction, with only 15 percent of consumers in the country indicating they have used less cash.
Investors are also taking note of the Egyptian payment market. Only recently MNT-Hala a startup that provides financial services and an e-commerce ecosystem for unbanked customers in the North African country, announced a $400 million investment that would see it become Egypt’s first unicorn in 2023.
Flutterwave facilitates cross-border transactions in multiple currencies for global companies, including Uber, and the new licenses will help the company support international businesses entering the Egyptian market or growing their operations in the country. Flutterwave will also be in a strong position to empower businesses based in Egypt to expand internationally, in addition to creating new jobs in the country through empowering local businesses.
“The licenses will enable us to be the go-to payment processor and digital transformation partner for global settlements in Egypt, which enables our customers to expand quickly within or outside of the country. This, for us, is the beginning of other strategic wins in the North Africa and Middle East regions,” said Aalan Gamal, Regional Manager, North Africa in Expansion & Partnerships, Flutterwave Egypt.
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Flutterwave has processed over 400 million transactions in excess of $25 billion and serves more than one million businesses including customers like Uber, Airpeace, Bamboo, Piggyvest, and others. The company’s key advantage is connecting businesses to various local and international payment types to enable them to expand globally.
Olugbenga Agboola, CEO and founder of Fluyyerwave said securing the licences forms part of the company’s international expansion strategy.
“This is a testament to our commitment to providing first-class payment services, seamlessly connecting businesses to their customers. Our vision is to connect all parts of Africa through payments and connect Africa to the world. This way, it is easier for multinationals expanding into Africa to do so. This achievement is yet another step in that direction,” Agboola said.
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