Flutterwave, the leading payments technology company in Africa, has recently announced that it has received Payment Services Provider and Payments Facilitator licenses in Egypt. This is a significant milestone for the company, as it will enable Flutterwave to act as an official payment service provider in the country and collect payments on behalf of its customers. The licenses will also allow Flutterwave to settle payments locally and globally, giving the company a strong presence in the Egyptian market.
With the new licenses, Flutterwave becomes one of the few payment service providers in Egypt with both local and global settlements capabilities. This will help support international businesses entering the Egyptian market or expanding their operations in the country. Flutterwave will also be in a strong position to empower businesses based in Egypt to expand internationally, creating new jobs and driving economic growth in the country.
Flutterwave CEO and Founder, Olugbenga GB Agboola, commented on the news saying, “We are proud to have been granted the Payment Services Provider and Payment Facilitator licenses in Egypt, which forms part of our international expansion strategy. This is testament to our commitment to provide first-class payment services, seamlessly connecting businesses to their customers.”
The company’s vision is to connect all parts of Africa through payments and connect Africa to the world. With this new development in Egypt, Flutterwave is making it easier for multinationals to expand into Africa, which will help drive economic growth and development in the region.
In addition to this expansion in Egypt, Flutterwave has also made it possible for users to send money to Ethiopia via cash pickup. This allows Ethiopians in the diaspora to send money home and have the receivers pick it up at Dashen bank branches, Amole Agents, and Ethiopian postal service offices. This further extends Flutterwave’s reach and impact in Africa, demonstrating the company’s commitment to improving financial inclusion and making payments easier for everyone.
Aalaa Gamal, Regional Manager, North Africa in Expansion & Partnerships, Egypt:
“We’re excited to receive the payments services provider and facilitator licenses in Egypt. The licenses will enable us to be the go-to payment processor and digital transformation partner for global settlements in Egypt, which enables our customers to expand quickly within or outside of the country. This, for us, is the beginning of other strategic wins in the North Africa and Middle East regions.”