Africa’s leading payments technology company Flutterwave has today announced that it has received its Electronic Money Issuer and Remittance Licenses from the National Bank of Rwanda(NBR). This will help the company expand its operations in East Africa.
With these new licenses, in addition to being a Payment Service Provider, Flutterwave can offer money deposit and withdrawal, electronic funds transfer, as well as inbound and outbound remittance services to the 13.46 million people living and working in Rwanda.
According to Rwanda’s National Institute of Statistics, Micro, Small and Medium Enterprises (MSMEs) account for about 97% of businesses and contribute almost 55% to the total GDP in Rwanda. That makes MSMEs critical to job creation and the economic growth of the country.
Flutterwave will be deploying a range of products in Rwanda, including Send by Flutterwave, its cross-border money transfer solution. Also available will be Flutterwave for Business and its suite of products, including Store, payment links, invoices and checkout to help individuals and businesses in Rwanda make the most of the booming eCommerce market.
