Flutterwave launches in Zambia, now operates in over 35 countries

Africa’s leading payments technology company, Flutterwave has officially secured regulatory approval to operate in Zambia. The Nigerian-based fintech payment system license in the Southern African country has now extended its presence to over 35 countries.

While sharing his excitement about the development, the Founder and CEO of Flutterwave, Olugbenga ‘GB’ Agboola, noted that Zambia is a market with enormous potential for growth and innovation. Thus, bringing its payment solutions to the country resonates with greater achievement. 

He further explained that through its seamless payment offerings, Flutterwave can unlock new opportunities for businesses in Zambia and contribute to the country’s broader economic development.

“Our goal is to provide businesses across the entire African region with the tools they need to compete not just locally but globally. Flutterwave’s infrastructure now stretches across the majority of Africa and with our new license in Zambia we are one step closer to achieving our mission,” Agboola added.

Also reacting to the latest feat, Chief Regulatory Officer at Flutterwave, Oluwabankole Falade said the acquisition of a payment system license in Zambia is a crucial step in its Pan-African expansion strategy. 

She noted that the licence allows Flutterwave to not only support Zambian businesses in growing and competing globally but also to ensure that its operations are in full compliance with local regulations. 

“We are deeply grateful to the Bank of Zambia for their trust and for the opportunity to work within Zambia’s financial ecosystem. We are committed to collaborating closely with the Bank of Zambia and other regulatory bodies to promote financial innovation and drive economic growth,” Falade noted. 

With a track record of success across Africa, Flutterwave has become a trusted partner for businesses in over 35 countries. 

Having processed over 630 million transactions worth $31 billion and expanded operations to Rwanda, Ghana, Uganda, and Mozambique, its expansion to Zambia is a testament to its pledge to support African enterprises and boost economic development via its digital payment system. 

Similar Read: Flutterwave seeks listing on Nigerian Exchange, pledges to drive Nigerian economy for seamless digital solution.

Flutterwave’s entry: what it means for the Zambian economy

Considering Zambia’s increasing internet penetration and reliance on mobile money for everyday transactions, Flutterwave’s emergence with its affordable and secure money transfer services, will seek to facilitate local and international trade by boosting financial inclusion and economic growth. 

As mobile money adoption holds a 70 per cent contribution to Zambia’s financial inclusion system, the payment technology company’s services aim to allow Zambian businesses across various industries to streamline transactions. It will also reduce costs and scale efficiency across various regions.

Also for international companies looking to expand into Zambia, Flutterwave provides a reliable gateway to the market. The initiative enables seamless local payments and supports various navigations from consumer transactions to business-to-business payments. 

Benefits are also fixed on Flutterwave’s cross-border payment solutions. Zambian businesses aiming to access global markets will benefit from this system by making it easier to collect payments from customers in the diaspora and conduct business on a global scale.

In its effort to make cross-border payment a stress-free process for Africans since its existence in 2016, the company recently expressed its interest in listing on the Nigerian Stock Exchange (NGX). 

Agboola pointed out that Flutterwave has made it easy for Nigerians to pay for Uber, Netflix and so on in Naira here in Nigeria compared to when they pay in dollars. The company has also attracted global merchants to come to Nigeria and localize their payments in the country. 

As revealed during the meeting, Flutterwave has invested about $4m on hosting services which goes to other countries. Referring to this, the company said part of its economic dominance in the continent is to begin to spend money in local currencies. 

Recently, President Tinubu commended Flutterwave’s commitment to building capacity in the digital economy sector, especially as it is being made possible by energetic, young Nigerians. He expressed his delight to be the President of a country with such a youthful and resourceful population.

Flutterwave, valued at more than $3 billion, is currently licensed in over 15 African countries and can operate in over 35 countries, where it has also secured licenses in the U.S. and UK, and partners in the EU. It has been enabling more countries for digital payments, including senders and receivers.