The National Bank of Rwanda has granted fintech firm Flutterwave two additional licences that will boost its mobile finance offering in East Africa.
With its new electronic money issuer and remittance licences, Flutterwave can facilitate transactions within its payment offering as well as bolster its range of services with cash deposits and withdrawals, electronic funds transfers, and both inbound and outbound remittances.
ITWeb Africa reported that the fintech firm plans to deploy a range of services in Rwanda, including its cross-border money transfer offering, Send by Flutterwave, as well as a suite of enterprise services.
Olugbenga Agboola, Flutterwave founder and CEO, said: “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 licences. With them, we will leverage our extensive global reach and continuous growth in emerging markets to provide micro, small and medium enterprises in Rwanda with the tools they need to stimulate the economy, facilitate seamless cross-border transactions for Rwandans and support the expansion drive of global and Rwandan businesses.”
According to data from Rwanda’s National Institute of Statistics, SMEs make up around 97% of the country’s businesses, with this sector accounting for around 55% of GDP. Flutterwave argues that this underlines the importance of empowering Rwanda’s SME market with financial services.
Flutterwave’s East Africa regional lead: Regulatory and Government Affairs, Leah Uwihoreye, said: “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. The licences will enable us to provide safe, secure and seamless payment services for individuals and businesses in Rwanda.”