The National Bank of Rwanda (NBR) has granted Flutterwave, a leading African payments technology company, its Electronic Money Issuer and Remittance Licenses. This will enable the company to grow its business in East Africa.
The licenses allow Flutterwave to provide services such as money deposit and withdrawal, electronic funds transfer, and remittance services for inbound and outbound transactions to the 13.46 million Rwandans living and working in the country.
According to Rwanda’s National Institute of Statistics, Micro, Small and Medium Enterprises (MSMEs) comprise about 97% of businesses and contribute almost 55% to Rwanda’s GDP.
Flutterwave will offer various products in Rwanda, such as Send by Flutterwave, a cross-border money transfer solution.
In addition, it will also offer Flutterwave for Business and its suite of products, such as Store, payment links, invoices, and checkout, to help individuals and businesses in Rwanda take advantage of the growing e-Commerce market.
Flutterwave’s Founder and CEO, Olugbenga Agboola, said: “We have always been dedicated to our vision of connecting all parts of Africa through payments and connecting Africa to the world since our first transaction to over 400 million now. Rwanda is an important part of our expansion plans in East Africa because it is well known for promoting innovation and using digital technology.”
“We are happy that we have received these licenses. With them, we will use our global reach and continuous growth in emerging markets to give MSMEs in Rwanda the tools they need to stimulate the economy, make cross-border transactions easier for Rwandans and support the growth of global and Rwandan businesses,” Leah Uwiroheye, East Africa Regional Lead, Regulatory and Government Affairs, Flutterwave, said.
We’re excited to announce a major milestone – we’ve secured two additional licenses in Rwanda: The Electronic Money Issuer and Remittance Licenses🎉
These licenses allow us offer payment and remittance services to Rwandans at home and abroad.
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— Flutterwave (@theflutterwave) March 15, 2023