The National Bank of Rwanda has given Flutterwave two licenses, which allow it to provide remittance services and work as an electronic money issuer in the country. Flutterwave is an African fintech unicorn.
The move is part of the company’s plan to grow in East Africa, where it already has businesses in Kenya, Tanzania, Uganda, and Rwanda.
Flutterwave wants to give micro, small, and medium-sized businesses (MSMEs) in Rwanda tools to boost the economy, help global and local businesses, and make it easier for Rwandans to do business across borders.
Getting licenses in Rwanda should help the country reach its goal of becoming a cashless economy by coming up with new ways to use digital technology to help businesses and boost economic growth.
Rwanda’s National Institute of Statistics says that almost 97% of businesses in Rwanda are MSMEs, making up nearly 55% of the country’s GDP. Flutterwave’s plans to grow in East Africa will make it even more of a top fintech company.
The licenses will also let the company offer its cross-border money transfer service, Send by Flutterwave, Rwand its suite of products, including Store, payment links, invoices, and checkout, to individuals and businesses in Rwanda.
Flutterwave has been getting licenses quickly all over Africa to improve its services in the area. As part of its plan to grow in North Africa, the company got licenses from the National Bank of Egypt to be a payment service provider and a payment facilitator last month.