Flutterwave says it has secured an Enhanced Category Payment Service Provider (PSP) licence from the Bank of Ghana to allow the leading African fintech company to expand its payment offerings in the country.
“This green light from the Bank of Ghana is a big milestone for us because it enables us to expand our payment offerings across Africa,” Rotimi Okungbaye, Manager, Product Marketing at Flutterwave says. “Now, businesses in Ghana can directly access our payment solutions to receive payments from their customers and transfer money to their suppliers, vendors, employees etc.”
Ghana’s digital environment is characterised by high internet penetration and a tech-savvy population, presenting a substantial opportunity for fintechs.
“The country’s digital payments market is poised for exponential growth,” Flutterwave says. “Statista projects that Ghana’s digital payments market will reach $7.46 billion in 2024, with an anticipated compound annual growth rate (CAGR) of 14.81%, resulting in $12.96 billion by 2028. In essence, there’s a massive opportunity for digital payments in Ghana.”
According to Statista, the number of users in the digital payments segment of the fintech market in Ghana is projected to increase by 4.9 million users (+39.84%) between 2024 and 2028, reaching 17.22 million users by 2028. Additionally, the total value of digital payment transactions in Ghana is forecast to surge by 5.5 billion U.S. dollars (+73.73%) to reach 12.96 billion U.S. dollars by 2028.
With the new PSP license, Flutterwave says it can now offer Ghanaian businesses a suite of payment solutions, including collections, payouts, invoicing, payment links and one API integration.
Flutterwave, which it says it has processed over $32 billion in payments for over 1.5 million businesses, including Uber, Air Peace, Bamboo, PiggyVest, and Netflix, expects the PSP licence to position its business “contribute to the growth of digital payments in Ghana by providing businesses with the tools they need to prosper in the digital economy.”
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