Nigerian tech mogul Olugbenga Agboola’s Flutterwave expands into Ghana with new license

Timilehin Adejumobi -

Key Point

  • Flutterwave obtains an Enhanced Category Payment Service Provider License from the Bank of Ghana, streamlining operations and enhancing payment efficiency.
  • The license allows Flutterwave to offer direct payment services, eliminating third-party needs and boosting its African expansion.
  • Flutterwave’s valuation hit $3.2 billion in May, solidifying its position as Africa’s most valuable tech startup, despite a 30-employee workforce cut.

San Francisco and Lagos-based fintech giant Flutterwave, led by Nigerian multimillionaire tech entrepreneur Olugbenga Agboola, has secured an Enhanced Category Payment Service Provider License from the Bank of Ghana, streamlining its operations and enhancing payment efficiency.

The new license eliminates the need for third-party services, allowing Flutterwave to offer a comprehensive suite of payment services directly within Ghana. This move is a significant milestone in the company’s African expansion.

Flutterwave sets new Standard for Financial Services

Ghana, with its stable democracy, tech-savvy youth, and 71 percent mobile internet penetration, presents a fertile ground for Flutterwave’s innovative solutions. The nation’s digital payments market is forecasted to hit $7 billion in 2024, with a projected annual growth rate of 15.78 percent, reaching $12.96 billion by 2028.

For Ghanaian customers, Flutterwave’s license promises more seamless and secure money transfers. Businesses will gain from direct collection and payout services, automated invoicing, payment links, and a checkout system supporting various payment methods, including cards, mobile money, and bank transfers.

Unifying Africa’s payment infrastructure with new license

Commenting on the recent milestone in Ghana, Olugbenga Agboola, Flutterwave’s Founder & CEO said: “Our mission has always been to unify Africa’s fragmented payment infrastructure. Securing this license in Ghana is a significant milestone in that journey.”

Oluwabankole Falade, Chief Regulatory Officer at Flutterwave, added: “We are thankful to the Bank of Ghana for their trust and support. This achievement underscores our dedication to regulatory compliance and secure payment solutions. We are eager to bolster Ghana’s dynamic business environment and promote financial inclusion.”

Flutterwave tops Africa’s fintech scene

Founded in 2016, Flutterwave has become a frontrunner in Africa’s ongoing payment’s revolution. The company, headquartered in both San Francisco and Lagos, stands as a significant success story within the continent’s burgeoning fintech space.

Under Gbenga Agboola’s leadership, Flutterwave now processes payments in more than 30 currencies across 40 countries. Recently, Flutterwave partnered with Nigeria’s Economic and Financial Crimes Commission (EFCC) to establish a Cybercrime Research Center, aiming to combat internet fraud and enhance transaction security.

In May, Flutterwave’s valuation surged to $3.2 billion, reinforcing its status as Africa’s most valuable tech startup, despite a recent workforce reduction of about 30 employees. The company remains focused on its core revenue drivers, which remain remittance and enterprise.