Nigerian payments firm Flutterwave is now a licensed remittance company in Rwanda. This development follows an announcement by the unicorn, which revealed Flutterwave had acquired all types of payment instruments in the said country. The move is said to be a first step towards offerings payments to the wider East African market.
“Flutterwave, Africa’s leading 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,” reads a statement by Flutterwave.
The licenses will allow Flutterwave customers to access other services, such as money deposits and withdrawals, electronic transfers, as well as outbound and inbound remittance services to more than 13 million people in Rwanda.
MSMEs in Rwanda make up 97% of businesses and contribute 55% to the GDP. Flutterwave will reportedly offer Send by Flutterwave and Flutterwave for Business products in the country to support the growing e-commerce market.
Flutterwave CEO, Olugbenga “GB” Agboola, said Rwanda is crucial to their expansion plans in East Africa. He stressed about the company’s commitment to connecting Africa through payments and providing tools for MSMEs to boost the economy and support businesses’ expansion.
Olugbenga “GB’ 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.”
Commenting on the news, Leah Uwihoreye, Flutterwave’s East Africa Regional Lead, Regulatory and Government Affairs, said, “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.”