Flutterwave Moves One Step Closer to Connecting Africa to a Seamless Payment System as it Expands into North Africa

Flutterwave, a pan-African payments technology firm, announced its entry into North Africa yesterday with the acquisition of payment licenses in Egypt. These licenses, the Payment Services Provider and Payments Facilitator licenses, will allow the African leading fintech startup to operate in the country as a recognized payment service provider and handle payments both domestically and internationally. This will also allow the company to launch its Flutterwave for Business suite in Egypt, which includes features like a store, payment links, invoices, and checkout.

With the acquisition of these licenses, Flutterwave becomes one of Egypt’s few payment service providers with both local and global settlement capabilities. This is a significant step forward in Flutterwave’s mission to connect Africa to the rest of the world through payments. The company’s entry into Egypt will benefit international companies looking to enter or expand in the Egyptian market. At the same time, it will assist local businesses in expanding globally, resulting in new job opportunities within the country.

What You Should Know about the Expansion

Commenting on the expansion, Aalaa Gamal, regional manager, North Africa in expansion & partnerships, Egypt, said “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.”

While for Olugbenga GB Agboola, founder and CEO of Flutterwave the expansion is part of the company’s vision to connect all of Africa through easy and seamless payments infrastructure. “We are proud to have been granted the Payment Services Provider and Payment Facilitator licenses in Egypt, which form part of our international expansion strategy. This is testament a to our commitment to providing first-class payment services, seamlessly connecting businesses to their customers. Our vision is to connect all parts of Africa through payments and connect Africa to the world. This way, it is easier for multinationals expanding into Africa to do so. This achievement is yet another step in that direction,” he said.

Since Flutterwave raised $250 million in Series D funding, valuing the company at over $3 billion in February 2022, the company has been on an ambitious expansion drive to accelerate customer acquisition in existing markets and growth through mergers and acquisitions. In addition to entering the North African market, Flutterwave co-led Dapio’s $3.4 million raise to scale its contactless payment solution in the UK and Europe. The company is also looking to acquire British fintech Railsr.

Flutterwave Offers Remittances Services to Ethiopians

Flutterwave has made it possible for users to send money to Ethiopia via cash pickup as part of its expansion initiatives. This will enable Ethiopians in the diaspora to send money home and have the money picked up by the recipients at Dashen bank branches, Amole Agents, and Ethiopian postal service offices. This is a significant step because it will help Ethiopia connect to a unified payment system, which will benefit both the diaspora and the local population.

In addition, the African most valuable startup, which has processed over 400 million transactions worth more than $25 billion across 35 countries, is considering going public through an IPO listing.

The presence of Flutterwave in North Africa will have a profound impact on the region’s payments ecosystem. Its innovative payment solutions will provide businesses with the tools they need to grow and expand, both locally and globally. This, in turn, will create new employment opportunities and drive economic growth in the region. The acquisition of the payment licenses in Egypt is just the beginning of Flutterwave’s expansion into North Africa and the Middle East, and it is expected that the company will continue to expand and acquire new licenses in the future.

Conclusively, Flutterwave’s entry into North Africa is a significant step toward the company’s vision of connecting Africa to a unified payment system. The acquisition of payment licenses in Egypt will allow the company to help international businesses expand into the Egyptian market while also assisting local businesses to expand globally. This will spur regional economic growth and create new job opportunities. Flutterwave is poised to play a significant role in the growth of the North African payments ecosystem in the coming years, thanks to its innovative payment solutions and ongoing expansion initiatives.