The Bank of Mozambique has granted Flutterwave, a leading African digital payment company, approval to obtain a payment aggregator license. This approval marks a significant milestone for Flutterwave, allowing it to expand its operations in southern African markets and offer its payment services in Mozambique.
This development will benefit enterprise businesses, enabling companies aiming to enter the Mozambican market or Mozambican businesses looking to expand across Africa to leverage Flutterwave’s extensive network. It is projected that over $15 billion worth of digital transactions will be conducted in Mozambique over the next four years, with a cumulative value exceeding $15.28 billion by 2028.
Olugbenga “GB” Agboola, CEO and founder of Flutterwave emphasized the company’s mission to empower local businesses and attract global enterprises by providing an inclusive payment solution. Flutterwave aims to address the payment needs of both individuals and businesses using its advanced technology.
Flutterwave, which has already secured licenses in several Southern African countries, continues to bolster its presence in the region. In November 2023, the company received an International Money Transfer Operator (IMTO) license from the Reserve Bank of Malawi, facilitating international fund transfers via its Send App. This allows Malawians living abroad and other Africans to send money home efficiently.
The fintech giant is also committed to substantial investments in Kenya. During a recent state visit by President William Ruto to the United States, Agboola met with the Kenyan President to reaffirm Flutterwave’s investment plans. Although Flutterwave had previously announced a $50 million investment in Kenya in September 2023, the CEO reiterated the company’s dedication to further investments in the country.
This strategic expansion into Mozambique and beyond reflects Flutterwave’s commitment to fostering inclusive growth and providing robust payment solutions across diverse markets.
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