Flutterwave has received approval from the Bank of Ghana to offer inward remittance services, enhancing cross-border payments for Ghanaians. The approval coincides with Ghana’s growing mobile money ecosystem and supportive regulatory environment, aiming to provide secure and affordable remittance solutions. This move further underscores Flutterwave’s commitment to financial inclusion and economic development in Africa.
Flutterwave, a prominent payments technology company in Africa, has recently obtained approval from the Bank of Ghana to offer inward remittance services. This advancement emphasizes Flutterwave’s dedication to enhancing cross-border payments, making them faster, secure, and more affordable for Ghanaians.
Ghana’s fintech sector is rapidly advancing, marked by a high rate of mobile phone usage and a thriving mobile money ecosystem. Notably, mobile money platforms account for 60% of foreign exchange received, highlighting their significance in the financial landscape of Ghana. Furthermore, sectors such as InsurTech, LendTech, and Buy Now, Pay Later (BNPL) are growing, indicating a vibrant fintech environment.
The supportive regulatory framework from the Bank of Ghana and the Ghana Digital Agenda fosters a favorable market for fintech innovations. With this latest approval, Flutterwave aligns its services with these positive developments, allowing Ghanaians to enjoy efficient and economical remittance options.
Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, expressed enthusiasm about the approval, noting that it is crucial for simplifying payments and supporting the Ghanaian economy through seamless remittance processes from the diaspora. This achievement underscores their commitment to financial inclusion and economic development across Africa.
Oluwabankole Falade, Chief Regulatory and Government Affairs Officer at Flutterwave, reiterated their dedication to adhering to regulatory standards while providing reliable payment solutions tailored for the Ghanaian market. They appreciate the Bank of Ghana’s support and are eager to broaden their service offerings in the region.
In summary, Flutterwave’s recent approval from the Bank of Ghana to provide inward remittance services represents a significant contribution to Ghana’s fintech landscape. Emphasizing security, efficiency, and affordability, this move aligns with the growing mobile money sector and the supportive regulatory environment. The initiative not only supports Ghanaians in the diaspora but also promotes financial inclusion and overall economic growth in the region.
Original Source: techafricanews.com
