Flutterwave, the San Francisco and Lagos-based fintech unicorn led by Nigerian tech billionaire and entrepreneur Olugbenga Agboola, is set to launch its North African operation after successfully securing Payment Services Provider and Payment Facilitator licenses in Egypt.
The licenses granted to the fintech unicorn will enable the leading payment service provider to become one of the few firms in Egypt with both local and global settlement capabilities.
This will allow Flutterwave to act as an official payment service provider in the country, collect payments on behalf of customers, and settle payments both domestically and internationally.
Olugbenga Agboola, CEO and founder of Flutterwave, commented on the recent development of the startup being granted Payment Services Provider and Payment Facilitator licenses in Egypt, which forms a key part of their international expansion strategy.
“This is a testament to our commitment to providing first-class payment services to seamlessly connect businesses with their customers,” Agboola said. “Our vision is to connect all parts of Africa through payments and connect Africa to the world, this way, it is easier for multinationals to expand into Africa.”
He aadded that, as part of Flutterwave’s expansion initiatives, users are now able to send money to Ethiopia through cash pickup services.
This enables Ethiopians living abroad to easily and securely send money home for their loved ones to collect from Dashen bank branches, Amole Agents, and Ethiopian postal service offices.
Under the leadership of Agboola, Flutterwave has made it its mission to create unlimited possibilities for customers and businesses in Africa and developing markets, capitalizing on the rapid adoption of technology in Africa.
The startup is considering an initial public offering on the NASDAQ Exchange, which would allow investors to purchase shares in the company on the open market as it reaches a scale and trajectory comparable to publicly traded companies.
The coming onstream of its North African operation, coupled with reports that it is in the running to acquire Railsr, a British fintech company specializing in embedded finance solutions such as digital wallets, credit cards, and banking services, will further cement its position as a leading payment technology provider in Africa.