Nigerian remittance company Flutterwave has announced that it has received its Electronic Money Issuer and Remittance Licenses from the National Bank of Rwanda, allowing it to expand its operations in the East African nation.
Among services that Fluttewave will be deploying in Rwanda is its cross-border money transfer solution known as Send by Flutterwave, payment links, invoices as well a checkout options to help individuals and businesses in Rwanda leverage the booming e-commerce market,
Olugbenga “GB’ Agboola, Founder and CEO of Flutterwave said, “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.”
The fintech is targeting the 13.46 million people living and working in Rwanda and hopes to take advantage of its growing Micro, Small & Medium Enterprises (MSMEs) which account for about 97% of businesses and contribute almost 55% of the total GDP.
“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,” Agboola, said.
Rwanda has been a bubbling hub for startups in the region, supported by government incentives and a robust policy framework.
Leah Uwihoreye, Flutterwave’s East Africa Regional Lead, Regulatory and Government Affairs, said that the company is keen to be an enabler of a cashless economy.
“As Rwanda continues executing important reforms to enhance the ease of doing business and implementing its Fintech Strategy 2022-2027, Flutterwave keeps contributing towards achieving a cashless economy by innovating and employing digital technology to support businesses and stimulate the economic growth of countries where we operate.”
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