Flutterwave spread across North Africa as it receives payment services provider and payment facilitator licenses from Egypt's financial market authorities which make sure it becomes off payment service provider with local and global settlement capabilities.
The payment license will help Flutterwave act as an official and known payment service provider which will help collect payments on behalf of its customers and to enable customers to expand quickly in and outside the country.
Flutterwave is a technology company that is established to change the narrative of payments in Africa. The company has helped in providing financial solutions to institutions which is a commendable one as they have provided solutions to financial organisations like PayPal, Standard Bank, and Google. Flutterwave uses Application Programming Interface(API) and has processed over 400m transactions over USD 25B and serves more than one million businesses.
The Founder of Flutterwave, Olugbenga GB Agboola disclosed that “We are proud, to have received the payment license in Egypt which will help us provide first-class payment service and our vision is to connect Africa to the world’’.
However, the new license will enable them to support international businesses entering the Egyptian market or growing their operations in the country. Hence, traditional payment in Egypt still has traction with 15 percent of consumers in the country indicating that have used less cash.
The Flutterwave license received will also allow users to send money to Ethiopia through cash pickup. Ethiopians in other countries can now send money home and have the receivers get the cash in branches of Dashen bank.
Technological institutions like Flutterwave will be able to aid financial developments that will help provide better services to customers. However, we should also know that the license they just receive will allow them to offer services to third parties to embed financial services into existing products, access to loans, and card issuance.
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