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Flutterwave receives payments licences in Egypt

Friday 10 February 2023 11:30 CET | News

Nigeria-based fintech Flutterwave has received its payment services provider and payments facilitator licences in Egypt, which enable its expansion into North Africa.

 

Based on press release information, the licences are set to permit Flutterwave to act as an official payment service provider in the region, to collect payments on behalf of its customers and to settle payments both locally and globally.

The licences and how they help propel Flutterwave’s expansion

Following the receival of these licences, Flutterwave will be enabled to have its Flutterwave for Business suite of products that includes a store, payment links, invoices and checkout deployed in Egypt. What is more, because of these licences, the enterprise becomes one of the few payment service providers in the country that has both local and global settlement capabilities.

As the company helps facilitate cross-border transactions in a multitude of currencies for global companies of the likes of Uber, the new licences are believed to help the company in supporting international businesses that are entering the Egyptian market or looking to grow their operations within the country.

Nigeria-based fintech Flutterwave has received its Payment Services Provider and Payments Facilitator licences in Egypt, which enable its expansion into North Africa.

Additionally, Flutterwave will also be strongly positioned to help Egypt-based businesses with their international expansion and is also believed to help create new jobs in the region through their support of local businesses.

When commenting on the announcement, Aalaa Gamal, Regional Manager, North Africa in Expansion & Partnerships, Egypt stated that the receipt of the payments services provider and facilitator will enable the company to become the go-to payment processor and digital transformation partner for global settlements in the region, which in turn will help their customers expand in a quick manner both within and outside the country.

Flutterwave officials added that the granting of these licences is part of their international expansion strategy, and they believe it to also be a testimony to their commitment towards providing improved payment services, looking to easily connect businesses to their customers. The company’s vision is that of connecting all parts of Africa through payments and then the continent to the world, believing that this will simplify the multinationals’ way of expanding into Africa.

What is more, amounting to its expansion initiatives, Flutterwave detailed in its announcement that it has enabled its users to send money to Ethiopia via cash pickup, with Ethiopians in the diaspora now having the option to send money home and have the receivers pick up the cash in Dashen bank branches, Amole Agents and Ethiopian postal service offices.

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Keywords: PSP, payments aggregator, payments , B2B payments, cross-border payments, payment processor, expansion, digitalisation, settlement
Categories: Payments & Commerce
Companies: Flutterwave
Countries: Egypt
This article is part of category

Payments & Commerce

Flutterwave

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