Africa’s number one payment technology company, Flutterwave, has announced that it has secured Payment Services Provider and Payments Facilitator licenses in Egypt, becoming one of the few payment service providers in the North African country with both local and global settlement capabilities.
With the licenses in hand, Flutterwave now has full capacity to act as an official payment service provider in Egypt, collect payments on behalf of its customers and settle payments locally and globally. The licenses will also allow the company to deploy its trademark Flutterwave for a Business suite of products including store, payment links, invoices, and checkout in Egypt.
With its renowned expertise in facilitating cross-border transactions in different currencies for companies like Uber, Flutterwave’s new licenses in Egypt will provide a boost to international businesses looking to establish or expand their operations in the country. Aside that, the company will also provide proper support for enterprises based in Egypt as they strive to expand their reach beyond borders, thus increasing job opportunities and spurring economic growth in the country.
Aalaa Gamal, Regional Manager for North Africa and Expansion & Partnerships in Egypt, commented on this development and said: “We are thrilled to have received the Payment Services Provider and Payments Facilitator licenses in Egypt. This positions us as the go-to payment processor and digital transformation partner for global settlements, allowing our customers to expand quickly both within and outside of the country. We see this as the first of many strategic wins in the North Africa and Middle East regions.”
Flutterwave’s CEO and Founder, Olugbenga GB Agboola, also shared his excitement regarding the announcement saying: “We are proud to have been granted the Payment Services Provider and Payments Facilitator licenses in Egypt. It’s a testament to our commitment to providing top-notch payment services and seamlessly connecting businesses with their customers. Our vision is to connect all parts of Africa through payments and connect Africa to the world. This latest achievement takes us one step closer to that goal.”
As part of its continued expansion efforts, Flutterwave has also made it possible for users to send money to Ethiopia via cash pickup. This means that Ethiopian diaspora can now send money back home, with recipients able to pick up the cash at Dashen bank branches, Amole Agents, and Ethiopian postal service offices.
