Flutterwave Secures Approval to Offer Inward Remittance Services in Ghana

Flutterwave, a leading African payments technology company, has received approval from the Bank of Ghana to provide inward remittance services in the country. This milestone reinforces Flutterwave’s commitment to enhancing payment solutions and financial accessibility across Africa.

Ghana’s fintech ecosystem is rapidly evolving, driven by high mobile phone penetration and a strong mobile money infrastructure. Notably, 60% of foreign exchange transactions in the country are processed through mobile money platforms, highlighting their critical role in everyday financial activities. Alongside mobile money, sectors such as InsurTech, LendTech, and Buy Now, Pay Later (BNPL) are also witnessing significant growth, making Ghana a dynamic hub for fintech innovation.

The approval aligns with Ghana’s supportive regulatory environment, fostered by the Bank of Ghana and the Ghana Digital Agenda, which encourages fintech expansion. Flutterwave’s entry into the remittance space aims to provide Ghanaians with fast, secure, and cost-effective options for receiving funds from abroad.

Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, expressed enthusiasm about the development: “We are excited to receive the approval to provide inward remittance services in Ghana, which marks 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.”

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.”