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Nigerian Fintech Flutterwave Obtains Two Licenses From Rwandan Central Bank

Flutterwave, the Nigerian fintech giant, recently said it had obtained two licenses from the National Bank of Rwanda, which allow it to offer its services to more than 13 million people living and working in Rwanda. According to Flutterwave’s representative in the country, the two licenses make it possible for her company “to provide safe, secure and seamless payment services for individuals and businesses in Rwanda.”

Helping Individuals and Businesses in Rwanda

The Nigerian fintech giant Flutterwave announced on March 15 that it has secured two additional licenses in Rwanda, that will help it expand its operations in East Africa. The licenses — known as the electronic money issuer and remittance licenses — were issued by the National Bank of Rwanda. They enable the fintech firm to offer its services to more than 13 million people living and working in Rwanda.

According to a statement released by the fintech, possessing the two licenses also allows Flutterwave to deploy its range of products that include cross-border money transfer solutions. Products including Flutterwave’s store, payment links, invoices, and checkout will also become available to individuals and businesses in Rwanda.

Commenting on the news, Olugbenga Agboola, the founder and CEO at Flutterwave, said the granting of the licenses shows the fintech’s commitment to its vision of linking Africa through payments. The CEO also explained why Rwanda is an important market for Flutterwave. He said:

“As a country well known for fostering innovation and promoting the use of digital technology, Rwanda has always been important to our expansion plans in East Africa. We are delighted for the vote of confidence in being granted these licenses,” Agboola said.

Leah Uwihoreye, the fintech’s East Africa Regional Lead, said the two licenses make it possible for her company “to provide safe, secure and seamless payment services for individuals and businesses in Rwanda.”

What are your thoughts on this story? Let us know what you think in the comments section below.



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