The Bank of Ghana has approved Flutterwave to provide inward remittance services, enhancing cross-border payments for Ghanaians. This underscores Flutterwave’s commitment to simplifying payments and supports the growth of Ghana’s dynamic fintech sector characterized by high mobile money use and regulatory support.
The Bank of Ghana has granted Flutterwave permission to offer inward remittance services. This approval enhances secure, affordable, and swift cross-border payment options for Ghanaians, reinforcing Flutterwave’s dedication to improving payment experiences across Africa. This move is particularly advantageous for Ghanaians residing abroad, aiming to facilitate seamless transactions when sending money home.
Ghana’s fintech sector is rapidly advancing, buoyed by extensive mobile phone usage and a robust mobile money network. It is noteworthy that around 60% of foreign exchange in the country is processed through mobile money platforms, highlighting their significance within the financial framework of Ghana. Other fintech sectors, such as InsurTech and LendTech, are thriving, illustrating a vibrant and diverse innovative landscape.
The regulatory landscape, shaped by the Bank of Ghana and the Ghana Digital Agenda, has been conducive to fintech growth. Flutterwave’s recent approval aligns with this environment, ensuring Ghanaians access to efficient remittance services that are both secure and cost-effective. This regulatory support aligns with the commitment to innovation in the sector.
Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, expressed enthusiasm about the approval, stating it is a momentous milestone in the quest to simplify payments for Ghanaians. Remittance services are crucial for the Ghanaian economy, and Flutterwave aims to make these transactions smoother for the diaspora.
Oluwabankole Falade, Chief Regulatory and Government Affairs Officer at Flutterwave, emphasized the company’s dedication to complying with regulatory standards and providing reliable payment solutions tailored to the Ghanaian market. The organization is grateful for the Bank of Ghana’s support and is eager to broaden its service offerings in the region.
In summary, Flutterwave’s new authorization by the Bank of Ghana to deliver inward remittance services marks an important development in enhancing financial transactions for Ghanaians, particularly those abroad. As the fintech landscape continues to evolve, Flutterwave is committed to offering secure and effective solutions that meet the unique needs of the local market, contributing to financial inclusion and economic progress in the region.
Original Source: techafricanews.com
