Flourish Ventures’ Post

Flutterwave has secured a Payment Service Provider (PSP) License (Enhanced Category) from the Bank of Ghana. Businesses in Ghana can now leverage Flutterwave’s solutions to accept payments from local and international customers and send money to vendors, suppliers, employees, and others. Here are the Flutterwave offerings now available to Ghanaian businesses: 📌 Collections: Seamless payment acceptance from customers via payment methods such as mobile money, debit & credit cards, Apple Pay, Google Pay etc.  📌 Payouts: easy single and bulk payouts to suppliers, vendors, contractors, employees, and others. 📌 Invoicing: automated invoicing. 📌 Payment Links: for easy and secure payment collection in 50+ currencies. 📌 Flutterwave API: for processing online payments through Flutterwave checkout, direct charge, and plugins such as WordPress and Shopify. https://lnkd.in/dHPDNJMj #fintech #financialservices #payments #paymentsolutions #expansion #growth #africa

Incredible news for Flutterwaves continued emphasis on providing best in class solutions for global merchants wanting to get into the African market the right way. This adds to our existing robust offerings in Africa and we are not stopping here for this amazing emerging market. #globalpayments #flutterwave #b2b #emergingmarkets

++ Flutterwave Secures Enhanced Payment License from Bank of Ghana ++ Flutterwave, a leading payments technology company, has recently been granted a Payment Service Provider license (Enhanced Category) by the Bank of Ghana. The milestone marks a significant expansion of Flutterwave’s operations in Africa, enabling the company to offer a comprehensive suite of payment services directly within, and through Ghana. "When we started this journey, our goal was to unite the fragmented payment infrastructure in Africa, and securing this license in Ghana brings us a step closer to achieving that mission. At Flutterwave, we are committed to using our platform to promote economic growth to the nation, while also providing unparalleled service to all our prospective customers in Ghana and in the diaspora." - Olugbenga ‘GB’ Agboola, Founder & CEO, Flutterwave "We are grateful to the Bank of Ghana for their trust and support in granting us this license. This milestone highlights our commitment to regulatory compliance and delivering secure, reliable payment solutions. We are excited to contribute to Ghana’s dynamic business ecosystem and support the financial inclusion of Ghanaians, both locally and globally." - Oluwabankole Falade, Chief Regulatory Officer, Flutterwave #techafricanews #africa #ghana #payment #license #business #license #ecosystem #fintech #regulatory #compliance

Portfolio company Flutterwave secures PSP license following its Mozambique expansion, congratulations Olugbenga Agboola and the entire team! The Bank of Ghana has granted Flutterwave, a Nigerian fintech, a Payment Service Provider licence (Enhanced Category). The Enhanced Category Payment Service Provider licence will enable the company to operate independently, without third-party services, simplifying payment processes for businesses and customers. The licence will further empower Flutterwave to support other licensed fintech companies in Ghana by offering essential payment services and promoting a more integrated and efficient financial ecosystem. According to the company, this development translates to more seamless and secure money transfers across the country, with businesses benefitting from the direct collection and payout services, automated invoicing, payment links, and a checkout solution that supports multiple payment methods including cards, mobile money, and bank transfers. “Ghana presents an exciting market for Flutterwave’s innovative solutions. With a stable democracy, a tech-savvy youth population, and a high mobile internet penetration rate of 71%, Ghana is well-positioned for rapid digital adoption. “The country’s digital payments market is projected to reach $7 billion in 2024, with an anticipated growth rate of 15.78%, resulting in a total value of $12.96 billion by 2028,” Flutterwave highlighted. Olugbenga ‘GB’ Agboola, Founder & CEO of Flutterwave expressed that securing this licence in Ghana brings the company a step closer to achieving their goal, uniting the fragmented payment infrastructure in Africa. #fintech #africa #expansion #payments https://lnkd.in/eUecuMFM

[Flutterwave Expands Digital Payment Services in Ghana with New License] Flutterwave, a prominent payments technology company, has received an Enhanced Category Payment Service Provider license from the Bank of Ghana. This development marks a significant expansion of the company’s operations in Africa and enables it to offer a wide array of payment services in the country. Ghana has emerged as an attractive market for Flutterwave’s innovative products. The nation boasts a stable democracy, a young population well-versed in technology, and a high mobile internet penetration rate of 71%. These factors create an environment conducive to rapid digital adoption. The Ghanaian digital payments market is experiencing substantial growth. With an annual growth rate of 15.78%, it is expected to reach $7 billion by 2024 and nearly $13 billion by 2028. This upward trajectory presents a promising opportunity for Flutterwave to establish a strong presence in the country. The newly acquired license allows Flutterwave to provide customers with more efficient and secure money transfer options. These include direct collection and payout services, automated invoicing, payment links, and a versatile checkout solution that supports various payment methods. Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, expressed his enthusiasm about the license approval. He emphasized the company’s mission to unify Africa’s fragmented payment infrastructure and highlighted the significance of this development in achieving that goal. Agboola reiterated Oluwabankole Falade, Chief Regulatory Officer at Flutterwave, acknowledged the Bank of Ghana’s trust and support in granting the license. He emphasized that this milestone underscores Flutterwave’s dedication to regulatory compliance and its commitment to delivering secure and reliable payment solutions. Falade expressed excitement about the company’s role in Ghana’s vibrant business environment and its potential to support financial inclusion for Ghanaians both locally and internationally. The expansion of Flutterwave’s services in Ghana is expected to have a positive impact on the country’s digital economy. By providing advanced payment solutions, the company aims to facilitate smoother transactions for businesses and individuals. This development aligns with the growing trend of digital transformation across Africa and positions Ghana as a key player in the continent’s fintech landscape. Source: https://lnkd.in/ebzZHmhT #galaxytechnews #technology #technews #techtips

Fintech is, at its core, a business of compliance—especially as you grow and scale your operations. When you’re just starting out, you might fly under the radar, but as your volumes increase, every regulator and politician will start asking questions.🗺 Exhibit A: Look at Flutterwave recent spree to licences including Malawi, Tanzania, Ghana, Rwanda, Mozambique, Egypt, Nigeria, USA & Europe.🇳🇬🇹🇿 May be Tech Founders can learn from the best: How do Visa manage compliance at scale? How do Stripe manage AML issues in all markets? How dLocal use technology to stay ahead? How Mastercard scaled globally? 🚀 #Licences #Expansion #Partnerships #Fintech #Mobilemoney https://lnkd.in/errjk8eX

The Future of Digital Payments in Canada: Unified Payments Interface (UPI) Canada has always been at the forefront of innovation, and the digital payments landscape is no exception. As we move towards a cashless society, there is a growing need for fast, secure, and convenient payment solutions. Enter Unified Payments Interface (UPI) - a revolutionary payment system that has taken India by storm and is now set to make waves in Canada. UPI is a real-time payment system that enables users to transfer funds instantly between bank accounts using a virtual payment address (VPA). It is built on the Immediate Payment Service (IMPS) infrastructure, which is already widely used in Canada. With UPI, users can send and receive money without sharing their bank account details, making it a secure and convenient payment option. The benefits of UPI are numerous. It is fast, with transactions taking place in real time. It is also secure, with multiple layers of authentication and encryption. UPI is also cost-effective, with lower transaction fees than other payment methods. Moreover, UPI is interoperable, meaning that users can send and receive money across different banks and payment platforms. The potential for UPI in Canada is enormous. With a large and growing South Asian diaspora, there is a significant demand for a payment system that is familiar and convenient. UPI can also help small businesses and freelancers, who often struggle with high transaction fees and slow payment processing times. The Canadian government and financial institutions are already exploring the potential of UPI. With the right partnerships and investments, UPI could become a mainstream payment option in Canada, revolutionizing how we transfer funds and make payments. As we look to the future of digital payments, UPI is an exciting development that has the potential to transform the way we do business and manage our finances. Let's embrace this innovation and move towards a more convenient, secure, and cost-effective payment system. #UPI #DigitalPayments #Canada #Innovation #Fintech

Use the rejections to build powerful structures The bricks they throw at us, we use them to build our own giant structure. When we were looking for a payment processing service for our Abbain.com back in 2022, we couldn't find a good one because we are based in Namibia, a small market for an e-commerce industry, which no serious fintech companies serve. And, when we were not satisfied with the status quo, we built our own, today known as Abba App (abbapp.com). Then, when we were looking for a payment gateway to serve Abba App, we couldn't find any due to our locality, and the globally available payment gateway companies don't serve Namibia. One of the largest in Nigeria, Flutterwave, explicitly informed us that they couldn't serve us because we are their direct competitor, so as another one payment gateway in South Africa, and these also require us to be based in their jurisdictions as it is the requirement for licensing. Then, since we couldn't find any payment gateway to serve Abba App, then we custom built our own using PayPal infrastructure, which led us to creating our very own Swyws (swywse.com). Then we needed a local merchant bank to connect Swyws, but when we approached some of the local banks in Namibia, we were informed that we are their direct competitor, that we are basically creating a bank, Abba App, that's why they cannot serve us. Well, since we need a local bank to connect Swyws in order to best serve Abba App, we are then forced to set up our own bank, Abba Bank. We are currently discussing acquiring a bank in either East or Southern Africa, which, when we acquire it, as per our PPM mandate, we will rebrand it as Abba Bank. So, when they refuse you, when they deny you, when they reject you, don't feel dismayed, simply use the rejections, the denies, and the refuses to build your own shelter, your own success story. And that is how you win. We have since created a powerful Abba App ecosystem by adding on Abba RailX (abbarailx.com), which is poised to save lives in traffic accidents across Africa and help propel productivity and efficiency throughout Africa, with #AbbaApp serving as the preferred method of payment for #AbbaRailX.

Use the rejections to build powerful structures The bricks they throw at us, we use them to build our own giant structure. When we were looking for a payment processing service for our Abbain.com back in 2022, we couldn't find a good one because we are based in Namibia, a small market for an e-commerce industry, which no serious fintech companies serve. And, when we were not satisfied with the status quo, we built our own, today known as Abba App (abbapp.com). Then, when we were looking for a payment gateway to serve Abba App, we couldn't find any due to our locality, and the globally available payment gateway companies don't serve Namibia. One of the largest in Nigeria, Flutterwave, explicitly informed us that they couldn't serve us because we are their direct competitor, so as another one payment gateway in South Africa, and these also require us to be based in their jurisdictions as it is the requirement for licensing. Then, since we couldn't find any payment gateway to serve Abba App, then we custom built our own using PayPal infrastructure, which led us to creating our very own Swyws (swywse.com). Then we needed a local merchant bank to connect Swyws, but when we approached some of the local banks in Namibia, we were informed that we are their direct competitor, that we are basically creating a bank, Abba App, that's why they cannot serve us. Well, since we need a local bank to connect Swyws in order to best serve Abba App, we are then forced to set up our own bank, Abba Bank. We are currently discussing acquiring a bank in either East or Southern Africa, which, when we acquire it, as per our PPM mandate, we will rebrand it as Abba Bank. So, when they refuse you, when they deny you, when they reject you, don't feel dismayed, simply use the rejections, the denies, and the refuses to build your own shelter, your own success story. And that is how you win. We have since created a powerful Abba App ecosystem by adding on Abba RailX (abbarailx.com), which is poised to save lives in traffic accidents across Africa and help propel productivity and efficiency throughout Africa, with #AbbaApp serving as the preferred method of payment for #AbbaRailX.