Flutterwave gets Ghana’s nod for inward remittance services

Flutterwave, an African payments technology company, has secured the approval of the Bank of Ghana to provide inward remittance services to Ghana.

The company said in a statement on Tuesday that the development “further solidifies [its] commitment to simplifying payments for endless possibilities across Africa”.

Ghana’s fintech landscape is characterised by high mobile phone penetration and a robust mobile money ecosystem, with 60% of foreign exchange received through mobile money platforms, according to Flutterwave.

“Additionally, the supportive regulatory environment established by the Bank of Ghana and the Ghana Digital Agenda has created an attractive market for fintech innovation. Flutterwave’s latest approval aligns with these developments, ensuring that Ghanaians can benefit from fast, secure, and cost-effective remittance services,” it said.

Olugbenga ‘GB’ Agboola, founder and CEO of Flutterwave, said the latest approval marked “a significant step in our mission to simplify payments for endless possibilities”.

“Remittances play a vital role in the Ghanaian economy, and our goal is to make the process as seamless as possible for Ghanaians in the diaspora looking to send money home. This approval is a testament to our ongoing commitment to supporting financial inclusion and economic growth in Africa,” he said.

Oluwabankole Falade, chief regulatory and government affairs officer at Flutterwave, added: “This approval showcases our dedication to complying with regulatory standards and our readiness to provide reliable payment solutions that address the unique needs of the Ghanaian market. We are grateful to the Bank of Ghana for their support and look forward to expanding our services in the country.”