Flutterwave, a fintech company that provides payment solutions for businesses and individuals in Africa, has gotten a payment service provider (PSP) license, under Ghana’s Payment Systems and Services Act, 2019 (Act 987), from the Bank of Ghana (BOG) to offer inward remittance services in Ghana.
This simply means, Flutterwave will now allow Ghanaians to receive money directly from abroad to their Flutterwave accounts. The approval, announced by Flutterwave, will allow the company to solidifies its commitment to simplifying payments for endless possibilities across Africa nations.
It'll also provides fast, secure, and affordable cross-border payments for Ghanaians.
Flutterwave was founded in 2016 and headquartered in San Francisco, United States of America. The company primarily operates across Africa nations, simplifying cross-border transactions, and offering services like payment processing, virtual cards, and business financing.
It's mostly used by businesses and individuals that operate e-commerce platforms, service providers like companies that operate virtual bank account, and even global companies looking to operate in African markets.
This recent approval allows Flutterwave to extend its cross-border money transfer services into Ghana. According to World Bank, Ghana is a major recipient of remittances in Africa, with inflows reaching $4.5 billion in 2022. So, Flutterwave’s entry into Ghana could reduce costs and improve accessibility for diaspora transfers, which are essential to every countries economy.
