Nigerian fintech company, FlutterWave, has obtained a Mozambique payment aggregator license in principle, continuing with its expansion plans across the continent.
This significant license allows e-commerce merchants to accept a variety of payment methods online without the need to develop their own systems. Once approved, enterprises and businesses from all over the world will be able to expand their operations to Mozambique, accept payments and reach their Mozambican customers, expanding their reach.
“Our goal is to empower local businesses and open doors for global enterprises across all industries by providing them with a secure and convenient payment solution that drives inclusive growth,” said Flutterwave CEO, Olugbenga Agboola.
This move sees the company spread out its operations in southeastern Africa having received official authorization to facilitate international remittances in Malawi in November 2023.
According to an analysis on Statista, Mozambique is projected to process over $9 billion in e-payments by 2028, growing at a compound annual growth rate of 15.28% from its current level. This move positions Flutterwave strategically to capitalize on the burgeoning market opportunities in the region.
Flutterwave has been on an expansion drive in the Eastern part of Africa. Besides Malawi and Mozambique, in 2023, Flutterwave received Electronic Money Issuer and Remittance Licenses, to add to its Payment Service Provider license, enabling the company to strengthen its operations in East Africa.
Flutterwave Secures 2 Additional Licenses from National Bank of Rwanda🇷🇼 Continuing East Africa Expansion
The Electronic Money Issuer license means it can acquire all payment instruments in Rwanda while processing inbound outbound cross-border transfershttps://t.co/cN14Sa8Pjx
— BitKE (@BitcoinKE) March 21, 2023
Rwanda was also the first country where the fintech secured a payment service provider license outside of Nigeria back in 2019, and there have been indications that the company is re-locating its East African hub there.
“Rwanda is big for us because it is one of the only markets where we have every licence you can think of,” said CEO, Olugbenga Agboola, at the time.
“We’ve got plans to have a financial operations centre set up in Rwanda where all our settlement across the region goes from here. Everyone has supported us to make that happen. So it makes sense to put something in this market and scale it from here,” Agboola said.
The company also sponsored the Africa Fintech Summit 2023 edition, which was held in Lusaka, Zambia in November 2023.
🇿🇲 EVENT | Africa Fintech Summit Announces Flutterwave as Lead Fintech Sponsor for the 10th Anniversary Summit in Lusaka, Zambia@theflutterwave has processed over 400M transactions in excess of USD $25B and serves more than one million businesses, including customers like Uber,… pic.twitter.com/6MOTjNfnBM
— BitKE (@BitcoinKE) October 6, 2023
In October 2023, as reported by BitKE, Flutterwave revealed it was launching USDC payment settlements in a partnership with the Hedera blockchain.
LAUNCH | Flutterwave to Integrate Payments Settlements with USDC Stablecoin on Hedera Blockchain – https://t.co/7pJSeUVvaJ
— Apollo (@Apollo19681011) October 9, 2023
Flutterwave, Africa’s largest payment infrastructure, has processed over 400 million transactions in excess of $25 billion and serves more than one million businesses, including customers like Uber, Airpeace, Bamboo, Piggyvest, and others.
The company says it is on track to expand to India via cross-border remittance partnerships with IndusInd Bank and engineering mobility collaboration with Capgemini.
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