Flutterwave has acquired a Payment System licence from the Bank of Zambia, allowing Zambian businesses to utilize its payment solutions for smooth local and international transactions. This expansion supports the company’s aim to enhance digital financial services in Africa and is expected to facilitate significant growth in Zambia’s digital transactions.
Flutterwave has recently acquired a Payment System licence from the Bank of Zambia, marking a significant expansion of its operations within the country. This newly attained licence will empower Zambian businesses to utilize Flutterwave’s payment solutions, facilitating seamless local and international transactions. The development is expected to enhance digital financial services throughout the African continent, where Flutterwave now operates in over 30 nations.
In Zambia, where mobile money constitutes nearly 70% of the financial inclusion landscape, Flutterwave’s entry is poised to boost digital transactions and foster business growth. The company’s innovative technology is designed to provide secure and cost-effective payment solutions, enabling enterprises to operate more efficiently. Consequently, businesses can leverage the Flutterwave platform for mobile money collections and payouts, thereby streamlining their financial processes and decreasing reliance on cash.
Flutterwave’s launch in Zambia serves as a critical entry point for global companies aiming to tap into the Zambian market. Through its platform, Flutterwave enables smooth local transaction processes while simultaneously supporting businesses with aspirations for international expansion. By offering cross-border payment solutions, the company ensures that Zambian enterprises can effectively collect payments from overseas clients, thus promoting international business operations.
The expansion into Zambia is a vital part of Flutterwave’s initiative to improve payment infrastructures across Africa. This follows the company securing a Payment Service Provider licence in Ghana in August 2024 and receiving approval for a payment aggregator licence in Mozambique in June 2024, further extending its reach across the continent.
In collaboration with MTN Group since 2021, Flutterwave has been facilitating mobile money payments in several African markets, including Zambia, allowing businesses to accept payments via MTN Mobile Money (MoMo). This partnership has significantly increased the accessibility of digital transactions in the region and aligns with the growing trend of digital payment adoption in Africa.
In summary, Flutterwave’s acquisition of a Payment System licence in Zambia represents a pivotal moment in its ongoing strategy to enhance digital financial services across Africa. By streamlining payment processes, promoting international business opportunities, and fostering economic inclusion, Flutterwave stands at the forefront of the fintech revolution on the continent.
Original Source: techpoint.africa
