Flutterwave, Africa’s payments technology company, has today announced that it has received its Electronic Money Issuer and Remittance Licenses from the National Bank of Rwanda. This will help the company expand its operations in East Africa.
With these new licenses, in addition to being a Payment Service Provider, Flutterwave can 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.
According to Rwanda’s National Institute of Statistics, Micro, Small & Medium Enterprises (MSMEs) in Rwanda account for about 97% of businesses and contribute almost 55% to the total GDP. That makes MSMEs critical to job creation and the economic growth of the country.
Flutterwave 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.
Olugbenga Agboola, Founder and CEO of Flutterwave, commented on the news, “From our first transaction to over 400 million now, we’ve remained committed to our vision of connecting all parts of Africa through payments and connecting Africa to the world. As a country well known for fostering innovation and promoting the use of digital technology, Rwanda has always been important to our expansion plans in East Africa.
“We are delighted for the vote of confidence in being granted these licenses. With them, we will leverage our extensive global reach and continuous growth in emerging markets to provide 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 Rwandan businesses.”
Commenting on the news, Leah Uwihoreye, Flutterwave’s East Africa Regional Lead, Regulatory and Government Affairs, said, “This is a great achievement for the company. 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. The licenses will enable us to provide safe, secure and seamless payment services for individuals and businesses in Rwanda. This is definitely a starting point for Flutterwave as we continue to expand across East Africa.”