Flutterwave Launches Virtual Accounts in Ghana, Expanding Payment Options for Businesses
3 min read
Flutterwave, one of Africa’s leading fintech companies, has introduced Ghana Virtual Accounts, a new payment feature that enables Ghanaian customers to pay merchants via Pay With Bank Transfer (PWBT). This latest innovation aligns with Flutterwave’s mission to simplify payments and create limitless possibilities for businesses across Africa.
The introduction of static and dynamic virtual accounts will allow both local and international merchants using Flutterwave’s platform to offer more flexible and seamless payment options. The company aims to remove barriers in payment collection, ensuring that businesses are not restricted by borders or limited payment methods.
How Ghana Virtual Accounts Work
According to Flutterwave, the Ghana Virtual Accounts service allows merchants to generate unique bank accounts through the Flutterwave API, enabling customers to make direct payments via bank transfers or mobile money. The feature offers two types of virtual accounts:
- Dynamic Virtual Accounts: Designed for one-time transactions at checkout. Customers receive a unique account number on the payment page and must transfer the exact amount due for the transaction to be processed successfully. This system enhances security and accuracy in payments.
- Static Virtual Accounts: These accounts can be assigned to specific customers for recurring payments, reducing the need to generate new details for each transaction. This feature is particularly beneficial for businesses that require long-term payment relationships with their clients.
Benefits of Ghana Virtual Accounts
Flutterwave highlighted several advantages that businesses and customers can expect from this new service:
- Secure and Seamless Transactions
- Customers can authorize payments directly from their bank app or mobile money platform, reducing the risk of fraud.
- Minimized Payment Errors
- Dynamic virtual accounts ensure that customers pay the exact amount, preventing discrepancies and reducing the need for refunds.
- Faster Payment Settlements
- Transactions completed via Pay With Bank Transfer are settled within 24 hours, significantly faster than some other payment methods. This improved settlement speed enhances business cash flow.
- Higher Transaction Limits
- The Pay With Bank Transfer method allows businesses to process transactions up to GHS 2,000,000, a substantial increase from the GHS 25,000 limit for mobile money transactions. This higher limit supports businesses handling large transactions.
- Scalability for Businesses
- Whether a small startup or a large enterprise, merchants can generate single or bulk static virtual accounts to accommodate their growing transaction needs.
- Easy API Integration
- Businesses can quickly integrate the feature via Flutterwave’s API, enabling instant virtual account generation and payment collection.
- E-Levy Notifications
- To enhance transparency, Flutterwave has built-in notifications to alert customers about applicable E-Levy charges on qualifying transactions.
Enhancing Payment Solutions in Ghana
By expanding payment options with Ghana Virtual Accounts, Flutterwave continues to strengthen its position as a key player in Africa’s digital payment ecosystem. This new feature complements the existing payment methods available to Ghanaian customers, including mobile money, debit and credit cards, Google Pay, and Apple Pay.
With the introduction of virtual accounts, businesses can now enjoy greater flexibility, improved payment efficiency, and enhanced customer experience, reinforcing Flutterwave’s commitment to driving financial inclusion and seamless digital transactions across Africa.
About The Author
