Flutterwave Obtains New Egypt Payments Licences

February 9, 2023
Flutterwave $170m

By Modupe Gbadeyanka

Two new licences, Payment Services Provider and Payments Facilitator, have been granted to leading payments technology company, Flutterwave, by the Egyptian authorities.

A statement issued by the firm disclosed that these licenses would 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.

These licences will also allow the organisation to deploy Flutterwave for a business suite of products, including store, payment links, invoices, and checkout in Egypt.

Flutterwave, as a result of these licenses, becomes one of the few payment service providers in Egypt with both local and global settlement capabilities.

Flutterwave facilitates cross-border transactions in multiple currencies for global companies, including Uber, and the new licenses will help the company support international businesses entering the Egyptian market or growing their operations in the country.

The company will also be in a strong position to empower businesses based in Egypt to expand internationally, in addition to creating new jobs in the country through empowering local businesses.

“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,” the Regional Manager for North Africa in Expansion & Partnerships, Egypt, Aalaa Gamal, said.

“We are proud to have been granted the Payment Services Provider and Payment Facilitator licenses in Egypt, which form 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 to expand into Africa. This achievement is yet another step in that direction,” the CEO and founder of Flutterwave, Mr Olugbenga GB Agboola, said.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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