Leading Nigerian fintech, Flutterwave, has revealed it has acquired an Electronic Money Issuer license and Remittance licenses from the Government of Rwanda as it continues its expansion in East Africa.
According to Flutterwave, the Electronic Money Issuer license now means it can acquire all types of payment instruments in Rwanda while processing inbound and outbound cross-border transfers in Rwanda utilizing its remittance products.
In addition to being a Payment Service Provider (PSP), Flutterwave can now offer money deposit and withdrawal, electronic funds transfer, as well as inbound and outbound remittance services to the 13.46 million people living and working in Rwanda.
“We are delighted for the vote of confidence in being granted these licenses,” Flutterwave Founder and CEO Olugbenga “GB” Agboola said in the release.
“With them, we will leverage our extensive global reach and continuous growth in emerging markets to provide [micro, small and medium enterprises (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 R
Flutterwave says it will be deploying a range of products in Rwanda, including Send by Flutterwave, its cross-border money transfer solution. Also available will be Flutterwave for Business and its suite of products, including Store, payment links, invoices and checkout to help individuals and businesses in Rwanda make the most of the booming eCommerce market.
According to the company’s East Africa Regional Lead for Regulatory and Government Affairs, Leah Uwihoreye, the acquisition of the licenses represent a starting point for Flutterwave as it continues to expand across East Africa.
“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.
Flutterwave, which in February 2023 acquired a payment service provider license in Egypt, now operates in 4 east African countries, that is: