African fintech Flutterwave has received approval from the Bank of Tanzania (BoT) to launch its payment service in the country.
At the Flutterwave 3.0 event held a few weeks ago, the company promised to deepen its presence in markets across the African continent. ”We’re excited to be bringing our products to the great businesses and individuals in Tanzania after the Bank of Tanzania approved our license as a payment services provider.” it said in a statement.
Flutterwave’s products and services will look to support Tanzanian SMEs overcome the challenges presented by the highly fragmented and complex payment and banking infrastructure. Flutterwave says it is a great believer in close collaboration with industry players and has established partnerships within the banking and mobile money sector in Tanzania to ensure seamless and fast payments to customers.
With this launch, small businesses and sole entrepreneurs in Tanzania will be able to capitalize on Flutterwave Store to drive their businesses online, with possibilities of fast, secure, and simple payments.
Tanzanian businesses who sign up as Flutterwave merchants will also get a chance to have their stories told to the world through Flutterwave’s YouTube ‘Business Stories’ series and ‘Grow My Business’ webinar series where businesses from around the continent are featured to talk about company growth, marketing, hiring, sales among other topics of interest.
At Flutterwave 3.0, Flutterwave unveiled a significant re-brand and identity in what it said is it to affirm its commitment to creating endless possibilities for all, through technology. The company is also introduced new products and services that take the technology leader beyond payments.
The company launched Fintech as a Service (FaaS) solution which helps startups of all sizes quickly become Fintech companies using Flutterwave’s pre-built API and solutions, Capital, a technology platform for businesses and consumers to access Buy Now Pay Later (BNPL) and Merchant lending from regulated and certified credit providers as well as Grow, a B2B product that helps entrepreneurs easily incorporate their businesses globally.
Other products introduced include Checkout, a new checkout experience that is 5x faster, reducing drop-off by 60% and Card issuing, a technology platform to enable businesses to issue both Mastercard virtual and physical debit/prepaid cards to their customers in partnership with Mastercard. These solutions remain subject to regulatory approval.
Last month, it also tripled its valuation to over $3 billion after raising $250 million in Series D funding. This valuation now makes Flutterwave the highest valued African startup.