Flutterwave secures two additional licenses in Rwanda: Electronic Money Issuer, Remittance Licenses

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 & Medium Enterprises 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 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.

Olugbenga “GB’ Agboola, Founder and CEO of Flutterwave, commented on the news, “From our first transaction to over 400 million now, we’ve remained committed to our vision of connecting all parts of Africa through payments and connecting Africa to the world. 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.

Commenting on the news, Leah Uwiroheye, Flutterwave’s East Africa Regional Lead, Regulatory and Government Affairs, said, “This is a great achievement for the company.

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