Flutterwave, Africa’s leading payments technology company, has announced today that it has received its Payment Services Provider and Payments Facilitator licenses in Egypt.
The licenses ensure that the platform becomes one of the few payment service providers in Egypt with local and global settlement capabilities.
The licenses will 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. Africa’s most valuable fintech startup will now be able to deploy its business suite of products, including store, payment links, invoices, and checkout in Egypt.
Impact of Flutterwave’s licenses in Egypt
Flutterwave facilitates cross-border transactions in multiple currencies for global companies, including Uber. 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 strong position to empower businesses based in Egypt to expand internationally and create new jobs in the country through empowering local businesses.
Read also: Kenya withdraws financial impropriety case against Flutterwave
Commenting on the news, 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 reacting to the licenses, 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 testament to our commitment to provide first-class payment services, seamlessly connecting businesses to their customers.
As part of Flutterwave’s expansion initiatives, they have also made it possible for users to send money to Ethiopia via cash pickup. 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.
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