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Middle East & Africa Paytech

Flutterwave Expands into North Africa After Bagging PSP Licence in Egypt

Flutterwave eyes further success in North Africa and the Middle East after securing payment services provider (PSP) and payments facilitator licences in Egypt.

The licenses enable Flutterwave to act as an official payment service provider in the country, collect payments on behalf of its customers and settle payments locally and globally. Flutterwave also plans to deploy its Flutterwave for Business suite of products, including store, payment links, invoices and checkout, in Egypt.

Aalaa Gamal, regional manager, North Africa in expansion & partnerships, Egypt, said: “We’re excited to receive the payments services provider and facilitator licences in Egypt. The licences 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.”

Olugbenga GB Agboola, CEO and founder of Flutterwave, also commented: “We are proud to have been granted the payment services provider and payment facilitator licences 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. 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. ”

As part of Flutterwave’s expansion initiatives, it is letting Ethiopians in Diaspora send money home and have the receivers pick up the cash in Dashen bank branches, Amole Agents and Ethiopian postal service offices.

Last October, Flutterwave also secured a switching and processing licence from the Central Bank of Nigeria (CBN).

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