Flutterwave secures payment system license to operate in Zambia

Flutterwave has formally obtained a Zambian payment system license to conduct business there.

The company announced on Thursday that with this new license, Flutterwave is better positioned to provide Zambian businesses with safe, reasonably priced mobile money services that promote economic growth and financial inclusion while facilitating domestic and international trade.

Flutterwave’s Prospect in Zambia

Flutterwave has a lot of prospects in Zambia because of the nation’s growing internet usage and dependence on mobile money for daily transactions.

Flutterwave’s mobile money collection and payout services enable Zambian businesses across a range of industries to expedite transactions, cut costs, and scale effectively in both local and international markets. The use of mobile money accounts for about 70% of Zambia’s financial inclusion rate.

“Zambia is a market with enormous potential for growth and innovation, so we are excited to bring our payment solutions here” said Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave. “Our goal is to provide businesses across the entire African region with the tools they need to compete not just locally but globally. Flutterwave’s infrastructure now stretches across the majority of Africa, and with our new license in Zambia, we are one step closer to achieving our mission. At Flutterwave, we believe that by simplifying payments, we can unlock new opportunities for businesses in Zambia and contribute to the country’s broader economic development.”

Advantages of Flutterwave’s entry to Zambia’s digital economy

Flutterwave offers a dependable entry point to the Zambian market for foreign businesses wishing to grow there.

It facilitates smooth local payments and supports both consumer and business-to-business transactions.

Similar to this, Flutterwave’s cross-border payment solutions would help Zambian companies looking to expand into international markets by making it simpler to collect money from clients in the diaspora and carry out international operations.

“Acquiring the Payment System License in Zambia is a crucial step in our Pan-African expansion strategy,” said Oluwabankole Falade, Chief Regulatory Officer at Flutterwave. “This license allows us to not only support Zambian businesses in growing and competing globally but also to ensure that our operations are in full compliance with local regulations.

We are deeply grateful to the Bank of Zambia for their trust and for the opportunity to work within Zambia’s financial ecosystem. We are committed to collaborating closely with the Bank of Zambia and other regulatory bodies to promote financial innovation and drive economic growth.”

Thanks to its successful track record throughout Africa, Flutterwave has established itself as a reliable partner for companies in more than 30 countries.

Its entry into Zambia further demonstrates its dedication to assisting African companies and fostering economic development via digital payments.