Flutterwave receives EMI and remittance licenses in Rwanda

Wednesday 15 March 2023 15:01 CET | News

Nigeria-based fintech Flutterwave has received EMI and remittances licenses from the National Bank of Rwanda as it expands operations in East Africa.


With these new licenses, in addition to being a payment service provider, Flutterwave can offer money deposit and withdrawal, electronic funds transfer, as well as inbound and outbound remittance services to the 13.46 million people living and working in Rwanda.

According to Rwanda's National Institute of Statistics, micro, small, and medium enterprises (MSMEs) in Rwanda account for about 97% of businesses and contribute almost 55% to the total GDP. That makes MSMEs critical to job creation and the economic growth of the country.

Flutterwave receives EMI and remittances licenses from the National Bank of Rwanda

Facilitating access to ecommerce

Flutterwave will be deploying a range of products in Rwanda, including Send by Flutterwave, its cross-border money transfer solution. Also available will be Flutterwave for Business and its suite of products, including Store, payment links, invoices, and checkout to help individuals and businesses in Rwanda make the most of the booming ecommerce market.

Flutterwave’s officials said that from their first transaction to over 400 million now, they've remained committed to the vision of connecting all parts of Africa through payments and connecting Africa to the world. With the new licenses, they will leverage their extensive global reach and continuous growth in emerging markets to provide MSMEs in Rwanda with the tools they need to stimulate the economy, facilitate seamless cross-border transactions for Rwandans, and support the expansion drive of global and Rwandan businesses.

As Rwanda continues executing important reforms to enhance the ease of doing business and implementing its Fintech Strategy 2022-2027, Flutterwave keeps contributing towards achieving a cashless economy by innovating and employing digital technology to support businesses and stimulate the economic growth of countries where it operates. The licenses will enable the company to provide safe, secure, and seamless payment services for individuals and businesses in Rwanda. This is a starting point for Flutterwave as it continues to expand across East Africa.

What does Flutterwave do?

Flutterwave is a payments technology company that enables businesses across the world to expand their operations in Africa and other emerging markets through a platform that enables local and cross-border transactions via one Application Programming Interface (API).

Flutterwave has processed over 400 million transactions in excess of USD 25 billion and serves more than one million businesses, including customers like Uber, Airpeace, Bamboo, Piggyvest, and others. The company's advantage is connecting businesses to various local and international payment types to enable them to expand globally. It also enables cross-border transactions from the diaspora to African countries via its SendApp product.

Flutterwave processes payments via multiple payment modes, including local and international cards, mobile wallets, bank transfers, Paypal, and Google Pay. The company has an infrastructure reach in 34 African countries.

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Keywords: Flutterwave, EMI licence, ecommerce, expansion, remittance, cross-border payments
Categories: Payments & Commerce
Companies: Flutterwave
Countries: Rwanda
This article is part of category

Payments & Commerce


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