A global payment solutions business, Flutterwave has secured two payment processing licences to operate in Egypt.
The company said that the Payment Services Provider and Payments Facilitator licences will help it to engage Egypt’s digital payments market, which according to Statista is projected to top US$14.15-billion in 2023.
Flutterwave is permitted to operate as an official digital payments service provider and collect and settle payments on behalf of clients.
This gives the Nigerian unicorn a competitive edge as it will be among the few service providers in Egypt capable of facilitating both local and international payments.
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The company said it will roll out its “Flutterwave for Business” suite of products including store, payment links, invoices, and checkout.
Flutterwave CEO and Founder Olugbenga GB Agboola said: “Our vision is to connect all parts of Africa through payments and connect Africa to the world. This way, it is easier for multinationals expanding into Africa to do so. This achievement is yet another step in that direction.”
The company recently secured a Switching and Processing Licence from the Central Bank of Nigeria and has renewed its operational licence in South Africa and Tanzania.