Flutterwave has acquired a Payment System license from the Bank of Zambia, enabling its expansion into Zambia’s market. The company aims to provide secure and efficient payment solutions for local businesses, which include support through various payment methods and compliance with industry standards. With a growing digital landscape, Flutterwave is well-positioned to enhance the processing of digital payments in the region.
Flutterwave, a prominent fintech solutions provider, has been granted a Payment System license by the Bank of Zambia. This important development allows Flutterwave to operate in Zambia, facilitating the expansion of their payment solutions across the African continent. By obtaining this license, Flutterwave aims to offer Zambian businesses a more seamless and efficient mechanism for accepting payments from both local and international customers, utilizing their preferred payment methods.
Moreover, Flutterwave recognizes Zambia’s significant potential in the digital domain, especially during a period of transformation characterized by a 32% internet penetration rate. The digital payments sector is projected to achieve USD 6.7 billion in value by 2025, reflecting the increasing online presence of the population and a growing shift towards digital tools by businesses. Consequently, there is a rising demand for secure, efficient, and scalable payment solutions in the region.
In supporting businesses venturing into Zambia, Flutterwave offers simplified and secure payment solutions while adhering to strict industry security standards, including PA-DSS, PCI-DSS, ISO 27001, and 22301 certifications. Such compliance ensures the protection of businesses alongside their clientele on the Flutterwave platform. The payment solutions are designed to enhance transaction completion rates and operational efficiency, fostering growth and revenue opportunities for businesses.
Flutterwave’s extensive payment offerings include a robust gateway that enables users to accept local and international payments via various methods, such as cards and mobile money. Furthermore, users have the capacity to make disbursements to multiple recipients, including suppliers and employees, utilizing Zambian Kwacha.
Businesses can seamlessly integrate Flutterwave’s API into their websites and applications to facilitate online payments through options such as checkout, direct charge, and third-party plugins like Shopify. The management of accounts can be simplified through the Flutterwave dashboard, allowing users to monitor transactions, generate reports, and add collaborators. Users can also create single or recurring payment links to efficiently receive payments across more than 50 countries.
In conclusion, Flutterwave’s acquisition of a Payment System license from the Bank of Zambia marks a significant milestone in expanding its operations in Zambia. The company’s focus on secure and efficient payment solutions is poised to streamline payment processing for local businesses. As Zambia’s digital payments market grows, Flutterwave stands ready to support businesses in their transition towards digital financial solutions.
Original Source: thepaypers.com
