Flutterwave, Africa’s leading payments technology company, announced today that it has received its licenses as a payment service provider and payment broker in Egypt.
The licenses will allow Flutterwave to act as the official payment processor in the country, collecting payments on behalf of its customers and processing payments locally and globally. These licenses allow Flutterwave to provide a business suite of products including store, payment links, invoices and checkout in Egypt.
With these licenses, Flutterwave will become one of the few payment processors in Egypt with both domestic and global settlement capabilities.
Flutterwave facilitates multi-currency cross-border transactions for international companies, including Uber, and the new licenses will help the company assist international companies to enter the Egyptian market or expand their operations in the country. Flutterwave will also be in a strong position to help Egypt-based companies expand internationally, in addition to creating new jobs in the country by nurturing domestic companies.
Commenting on the news , Aalaa Gamal, Regional Manager, North Africa in Expansion & Partnership, Egypt , said: “ We are delighted to receive the licenses as a payment service provider and payment intermediary in Egypt. The licenses will allow us to be the preferred payment processor and digital transformation partner for global settlements in Egypt, enabling our customers to rapidly expand both in and out of the country. For us, this is the beginning of further strategic successes in the regions of North Africa and the Middle East . “
Commenting on the news, Olugbenga GB Agboola, CEO and Founder of Flutterwave said:
“We are proud to have received the licenses as a payment service provider and payment broker in Egypt, which is part of our international expansion strategy. It’s a testament to our commitment to providing best-in-class payment services and seamlessly connecting businesses to their customers. Our vision is to connect all parts of Africa to each other and Africa to the world through payments. In this way, it is easier for multinational companies to expand into Africa. This achievement is another step in that direction.”
As part of Flutterwave’s expansion initiatives, they have also enabled users to send money to Ethiopia via cash pickup. Ethiopians in the diaspora can send money home and have it picked up by recipients at Dashen Bank branches , Amole Agents, and Ethiopian post offices.