Flutterwave Licensed To Operate In Egypt
Flutterwave, Africa’s payments technology company, announced on Tuesday that it has received its Payment Services Provider and Payments Facilitator licenses in Egypt.
Flutterwave said in a press release, the licenses will enable it 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 facilitates cross-border transactions in multiple currencies for global companies. The new licenses will help the company support international businesses entering the Egyptian market or growing their operations in the country.
Flutterwave will also be in a position to empower businesses based in Egypt to expand internationally, in addition to creating new jobs in the country through empowering local businesses.
Commenting on the news, Olugbenga GB Agboola, CEO and Founder of Flutterwave said, “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 a testament 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.”
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.”
As part of Flutterwave’s expansion initiatives, the company has also enabled its users to send money to Ethiopia via cash pickup. It said Ethiopians in Diaspora can send money home and have the receivers pick up the cash in Dashen bank branches, Amole Agents, and Ethiopian postal service offices.
The licensing of Flutterwave in Egypt is a boost to its expansion drive despite the negative publicity it encountered towards the end of last year due to fraudulent activity claims. Last year, the company’s accounts were flagged by a Kenyan court over suspicions of card fraud and money laundering, but the case has since been thrown out. At the time, Flutterwave denied wrongdoing and said that all the transactions in question were clean.