Flutterwave, the San Francisco and Lagos-based fintech unicorn led by Nigerian tech billionaire and entrepreneur Olugbenga Agboola, has been granted electronic money issuer (EMI) and remittance licenses from the National Bank of Rwanda.
The licenses will allow the company to expand its operations in East Africa and further its commitment to leading fintech on the African continent.
The recent announcement follows Flutterwave’s recent success in obtaining Payment Services Provider and Payment Facilitator licenses in Egypt, signaling the company’s dedication to expanding its reach across Africa.
What the EMI and remittance licenses mean to Olugbenga Agboola’s Flutterwave operations
The newly acquired EMI and remittance licenses will enable the fintech firm co-founded and led by Agboola to provide a more comprehensive range of financial services to the 13.46 million people of Rwanda, in addition to being a Payment Service Provider.
These financial services will include money deposit and withdrawal, electronic funds transfer, as well as inbound and outbound remittances. The fintech startup plans to introduce a variety of products in Rwanda, including Send by Flutterwave, its cross-border money transfer solution.
In addition, Flutterwave for Business and its suite of products, such as Store, payment links, invoices, and checkout, will be available to assist individuals and businesses in Rwanda to take full advantage of the thriving eCommerce market.
What Olugbenga Agboola, founder and CEO of Flutterwave is saying
Agboola, co-founder and CEO of Flutterwave, expressed his excitement about the company’s expansion into Rwanda, a country that has long been recognized for its innovation and promotion of digital technology.
“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,” he said.
The acquisition of the new licenses is a significant milestone that demonstrates the National Bank of Rwanda’s confidence in the fintech startup’s ability to serve the Rwandan people. The licenses will allow Flutterwave to broaden its global reach and expand its operations in emerging markets.
