Flutterwave has been granted approval by the Central Bank of Ghana to offer inward remittance services, marking a key milestone in the company’s expansion across Africa. This approval enables Flutterwave to provide Ghanaians with a secure, instant, and cost-effective way to receive remittances from family and friends abroad.
Remittances are a vital component of Ghana’s economy, supporting daily expenses, investments, and education. With mobile money now accounting for nearly 60% of foreign exchange inflows, digital financial services have become a crucial part of the nation’s financial ecosystem. Flutterwave’s entry into the remittance sector will further enhance financial inclusion by offering a seamless alternative to traditional money transfer systems.
Flutterwave’s licensing by the Bank of Ghana comes at a time when the country is rapidly advancing its fintech industry, bolstered by high mobile phone penetration and a thriving mobile money ecosystem. Olugbenga “GB” Agboola, Founder and CEO of Flutterwave, expressed excitement over the approval, stating that it represents a significant step toward simplifying payments and supporting economic growth across Africa.
The approval also comes as Ghana continues to make strides in enhancing its digital infrastructure and promoting fintech innovation. The country’s regulatory environment, including policies such as the Common Platform for Revenue Assurance and regulatory sandboxes, fosters growth while ensuring consumer protection and financial stability.
These developments, coupled with the creation of the Fintech and Innovation Office in 2020, ensure that Ghana’s fintech sector will continue to thrive, attracting more investments and further strengthening the country’s role in the region’s digital financial landscape.
