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Tag: Flutterwave

  • Flutterwave secures two additional licences in Rwanda

    Flutterwave secures two additional licences in Rwanda

    Flutterwave, the continent’s most prominent payments platform, recently announced that it had obtained licences as an Electronic Money Issuer and a Remittance Provider from the National Bank of Rwanda. The accomplishment of this approach will facilitate the company’s growth in East Africa.

    With their newly acquired Electronic Money Issuer licence, Flutterwave may now legally acquire any Rwandan payment instrument. According to a statement released yesterday, Flutterwave is now authorised to provide incoming and outward remittance services, as well as deposit and withdrawal services for Rwanda’s 13.46 million residents and workers.

    The announcement was met with the following statement from Flutterwave’s founder and CEO, Olugbenga “GB’ Agboola: “From our first transaction to over 400 million currently, we have remained dedicated to our mission of connecting all areas of Africa via payments and connecting Africa to the globe. Rwanda has always played a crucial role in our efforts to expand into East Africa, given its reputation as a hub for innovation and the spread of digital technologies.

    Read also: Flutterwave partners Africa Fintech Summit as Lead Sponsor

    “We are delighted with the vote of confidence in granting us these licenses. With them, we will leverage our vast global reach and continuous growth in emerging markets to provide MSMEs in Rwanda with the tools they need to boost the economy, promote frictionless cross-border transactions for Rwandans, and enhance the global and Rwandan enterprises’ expansion drives.”

    East Africa Regional Lead, Regulatory and Government Relations for Flutterwave, Leah Uwiroheye, said, “This is a remarkable success for the company. While Rwanda continues to execute critical changes to improve the process for conducting business and implement its Fintech Plan 2022-2027, Flutterwave continues to contribute to the achievement of a cashless economy by developing and deploying digital technology to help companies and boost economic development in the nations where we operate.”

    Flutterwave in Rwanda will leverage the growing eCommerce industry

    The licences will allow us to deliver safe, secure, and seamless payment services to people and companies in Rwanda. For Flutterwave, this marks the beginning of an era of growth throughout East Africa.

    Businesses and individuals in Rwanda will be able to take advantage of the growing eCommerce industry with the aid of Flutterwave for Business and its suite of products, which includes a Shop, payment connections, invoices, and a checkout. Flutterwave’s Send by Flutterwave, a global money transfer service, will be among the many items introduced in Rwanda.

    Rwanda’s National Institute of Statistics reports that Micro, Small, and Medium Businesses (MSMEs) account for around 97% of enterprises and generate almost 55% of the country’s total Gross Domestic Product (GDP). Hence, MSMEs are vital to the development of the economy and the creation of new jobs.

  • Flutterwave partners Africa Fintech Summit as Lead Sponsor

    Flutterwave partners Africa Fintech Summit as Lead Sponsor

    The Africa Fintech Summit (AFTS) 2023, which will take place in Washington, DC, on April 12, 2023, and in one African city whose location will be announced later in the year, has picked Flutterwave, Africa’s top payments technology provider, as its presenting sponsor.

    According to the company’s announcement, the sponsorship comes after permits were recently issued in Egypt that would enable Flutterwave to function as an official payment service provider there and expand its presence in the Middle East and North Africa.

    Since the establishment of the business in 2016, the Flutterwave team has been working to provide consumers and businesses in Africa and developing countries with limitless prospects.

    Currently, it has processed more than 400 million transactions totalling more than USD $25 billion in 34 African countries.

    Read also: Flutterwave and Tobi Amusan Launch $end Mobile App for Easy Funds Transfer

    More on the Africa Fintech Summit collaboration

    This comes after the business had a very successful year, increasing the number of businesses it served to over a million globally. 

    Olugbenga ‘GB’ Agboola, CEO and founder of Flutterwave said, “Once again, we’re thrilled to be a main sponsor at this year’s AFTS event. We think the AFTS network has been crucial to the expansion of the African fintech ecosystem, and Flutterwave has played a key role in facilitating that growth.

    “We’re always enthusiastic to collaborate with the Africa Fintech Summit team in order to bring together the stakeholders and partners that enable us to make limitless progress. It’s a big step forward in our mission to unite Africa’s economies via streamlined financial transactions, and we couldn’t be more thrilled about this chance.

    With deep appreciation and pleasure, we’d like to announce that Flutterwave will be returning as the Lead Fintech Sponsor for our annual summits in April and November of this year. Fintech company Flutterwave “has been and continues to be an impactful, progressive, and innovative Fintech that enables the wide Fintech ecosystem in Africa and beyond, demonstrating the Africanization of Tech in its global growth trajectory,” said Zekarias Amsalu, Co-Founder of AFTS and MD of Ibex Frontier.

    Africa Fintech Summit has grown from its first summit in 2018 to become the continent’s premier financial technology conference every other year. In addition to Flutterwave, AFTS will have a wide variety of other sponsors and partners.

    The upcoming 9th edition of AFTS will feature a number of significant topics such as fintech regulatory best practices, diaspora banking & remittance, African fintechs expanding globally, cross border payment movements & use-cases for decentralized finance (Defi), fintech funding trends, cross-border payments under the AfCFTA, US-Africa tech connections, and several other spotlight topics.

    Flutterwave Adds eNaira as a Payment Option for Merchants

    Flutterwave prevalence in Africa

    Flutterwave makes use of cutting-edge technology to provide banks and companies with a safe and hassle-free payment platform for their clients. It has grown its presence in Nigeria, Kenya, Ghana, South Africa, and seven other African nations as the continent’s preeminent supplier of payment solutions.

    Flutterwave has handled $2.5 billion in payments and 100 million transactions since its launch, and it is partnered with 50 African banks and has over 1200 developers using its platform. In addition, Flutterwave has successfully raised over $20 million in funding.

    By establishing a reliable method of doing online financial transactions, the company hopes to usher in a period of unprecedented economic growth throughout Africa.

  • Flutterwave denies reports of ₦2.9 billion hack

    Flutterwave denies reports of ₦2.9 billion hack

    Flutterwave has denied rumors that it was hacked and that over N2 billion were removed from the company’s account. The fintech company acknowledges that an atypical trend of transactions was observed, but no user’s funds were compromised.

    According to reports, hackers compromised Flutterwave and stole approximately $2.9 billion from the company’s accounts. Also, the rumors revealed that the African unicorn wanted to freeze the accounts of up to 300 customers of several banks.

    According to records, $2,949,557,867 has been illegally transferred from the accounts of Flutterwave, an African unicorn in the financial industry. Albert Onimole, legal counsel for Flutterwave, submitted the case to the Deputy Commissioner of Police, State Criminal Intelligence Department, in Panti, Yaba, Lagos, on February 19, 2023, as stated in the report.

    Read also: Kenya Drops Case Against Flutterwave

    The accounts were hacked on February 13, according to Onimole’s letter. The money was initially sent to 28 accounts in 63 transactions. The police were unable to freeze the cash when the event was reported to them on February 13, 2023.

    Clients affirm hacking

    Despite this, several users have reported that their accounts were frozen as a result of the alleged attack.

    According to Adebesin’s motion, 107 accounts, including their fifth beneficiaries, must be put on a lien or post-no-debit status.

    As the funds are disbursed among multiple accounts, the identity of the hackers is unknown.

    The firm hasn’t been able to explain how the hackers managed to transport a sizable amount of data while getting past its firewall and security measures.

    Flutterwave Adds eNaira as a Payment Option for Merchants

    Flutterwave’s denial statement

    The firm stated, however, that it has not encountered any breach activity. In addition, the company has reassured its clients that it will continue to collaborate with other financial institutions and law enforcement to ensure the safety of its goods.

    Flutterwave has not been hacked, we promise. “We analyze suspicious activity through our transaction monitoring systems and 24-hour fraud desk as a financial institution.”

    In a statement, the firm said, “We engage with other financial institutions and law enforcement organizations to make our ecosystem safe and secure.”

    The company alleged that after a routine review of its transaction monitoring system, it discovered an odd pattern of transactions on consumers’ profiles.

    As per regular operating practice, “our team promptly initiated a review,” which indicated that some users who had not enabled some of our advised security settings would have been vulnerable, according to Flutterwave. 

  • Egypt Approves Flutterwave Payment Processing Certificate

    Egypt Approves Flutterwave Payment Processing Certificate

    Flutterwave, the top provider of payments technology in Africa, has announced that it has been granted licenses in Egypt as a payment services provider and a payment facilitator.

    With the help of the licenses, Flutterwave will be allowed to function as a recognized provider of payment services in the nation, collect money on behalf of its clients, and handle local and international payment settlement.

    As a result of these licenses, Flutterwave is now one of the few Egyptian payment service providers with the ability to handle both local and international settlements.

    Recall, Flutterwave, a Nigerian fintech startup, was the subject of fraud accusations in Kenya months ago, that were later dropped. Since then, the fintech titan began processing and now acquired a payment processing license in Egypt.

    Flutterwave can now accept and receive payments on behalf of its users in the country of North Africa thanks to the Payment Services Provider and Payment Facilitator licenses.

    It will also debut its “Flutterwave for Business” service. As part of its Flutterwave 3.0 launch in 2022, Flutterwave for Business introduced fintech a service offering that enables third parties to integrate financial services into current products and gain access to loans and card issuance.

    Read also: Flutterwave and Tobi Amusan Launch $end Mobile App for Easy Funds Transfer

    Reasons Behind Egypt Selection

    Since the COVID-19 pandemic compelled people to board the digital train, Egypt has seen an increase in the acceptance of digital payments, as have many other African nations. According to a 2022 Mastercard analysis, digital financial services are becoming more widely used in Egypt.

    In the previous year, 88% of Egyptians utilized at least one digital payment service, according to the research.

    Cash is still widely used, although compared to the global average of 61%, 64% of Egyptian users have expanded their use of digital payment methods. In addition, Mordor Intelligence forecasts that between 2022 and 2027, the mobile payments market would expand at a compound annual growth rate of 19%, even though Statista anticipates that Egypt’s total transaction volume will surpass $14 billion.

    All of this suggests the potential for expansion, and Flutterwave is eager to seize them. At the same time, its presence in Egypt might act as a stepping stone for a Middle Eastern and North African expansion effort.

    Aalaa Gamal, Regional Manager, North Africa in Expansion & Partnerships, Egypt, said, “We’re excited to receive the payments services provider and facilitator licenses in Egypt. The licenses will enable us to be the go-to payment processor and digital transformation partner for global settlements in Egypt, which enables our customers to expand quickly within or outside of the country. This, for us, is the beginning of other strategic wins in the North Africa and Middle East regions.”

    Olugbenga Agboola, Flutterwave CEO, added, “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.”

    Flutterwave Adds eNaira as a Payment Option for Merchants

    Flutterwave Recovers its Assets In Kenya After Being Cleared Of Charges

    Following the Kenyan government’s decision to withdraw allegations of financial misconduct, African internet payment service company Flutterwave is expected to retrieve over $50 million in frozen currency. The money in 62 bank accounts belonging to the Fintech and four Kenyans were frozen after the Asset Recovery Agency (ARA) sued Flutterwave. Fears of card fraud and money laundering were the basis for the lawsuit, which Flutterwave vigorously rejected.

    The Kenyan government, however, dropped these allegations against Flutterwave last week, and ARA has since filed a notice to dismiss the case and lift the asset-freezing orders. On February 14, the case will be discussed in front of the High Court, where the withdrawal decision will be affirmed.

    Olugbenga Agboola, the company’s CEO and co-founder, traveled to Kenya last week to secure a license from the Central Bank of Kenya (CBK).

    Flutterwave has refuted the accusations of financial wrongdoing and applauded the Kenyan government’s decision to drop the prosecution.

    “Flutterwave welcomes the withdrawal of claims against the company by the Asset Recovery Agency (ARA) in July 2022 and looks forward to market expansion in Kenya. As a result, Flutterwave has been cleared of any wrongdoing. Flutterwave has fully cooperated with all stages of this review,” the company said in a statement on Thursday.

    Flutterwave, a fintech startup with offices in Lagos and San Francisco that provides payments services to ease cross-border transactions in several currencies, is extremely relieved by the development. The business, which was previously valued at over $3 billion, has raised more than $450 million in venture capital funding and is getting ready to go public on the Nasdaq stock market.

    Other Nigerian financial companies have benefited from the decision to dismiss the accusations against Flutterwave as well because their cases have been closed and their accounts have been unfrozen. In a series of financial misconduct actions brought by the ARA between 2020 and last year, the High Court ordered the freezing of the funds belonging to these firms.

    Until a petition to have the money forfeited to the government was filed, the billions of dollars frozen in Guaranty Trust Bank (GTB), Equity, EcoBank, KCB, and Co-operative Bank accounts could not be transferred or withdrawn. The company and other impacted businesses are now prepared to regain access to their frozen assets as a result of the allegations against Flutterwave being withdrawn.

    The dismissal of the lawsuit by the Kenyan government and the dropping of the charges against Flutterwave mark a key turning point for the African fintech industry. Flutterwave and other impacted businesses will be able to expand and keep offering vital financial services to companies operating in Africa thanks to the recovery of frozen assets. Thousands of employees in Kenya are supported by Flutterwave, including those Uber drivers, food vendors, and others who depend on the payment network for their daily revenue.

    Their victory in court and new license acquisition in Egypt is a sign of greater things to come for Flutterwave. It only shows the seriousness of their desire to spread their coast to other African nations to promote safer and stress-free online payments.

     

  • Kenya Drops Case Against Flutterwave

    Kenya Drops Case Against Flutterwave

    Kenya has dropped its claims of financial misconduct against Flutterwave, providing the country with a much-needed victory in the public eye since it became involved in controversies.

    Bloomberg was the first news source to report that the accusations against Flutterwave had been dropped by a high court in Kenya on the 4th of February, 2023. 

    The decision to remove those accusations comes two months after similar allegations made against Korapay, another Nigerian fintech startup, were also dropped, and both cases resulted in that company’s charges being dropped. Charges against three other Nigerian start-up companies were also dismissed against them.

    After suffering a blow to its reputation in 2022, Flutterwave stands to benefit tremendously from the conclusion of this protracted court battle. The allegations of inappropriate behaviour in the workplace as well as the claim that some employees were duped out of stock options, were rejected by the company; yet, the onslaught of negative press caused the startup to lose some of its lustre. 

    It is possible that the public markets will thwart the company’s plans to go public in the near future. As things progress, though, there is little question that it requires some encouraging news.

    Read also: Flutterwave and Tobi Amusan Launch $end Mobile App for Easy Funds Transfer

    Earlier Events Surrounding the Case Against Flutterwave

    The legal proceeding against Flutterwave, which was resolved in 2023, was initiated in July 2022, when the company was brought before the court on suspicion of card fraud and money laundering. 

    As a direct consequence of this, the court ordered the financial institution holding 6.2 billion Shillings (in a variety of Kenyan banks) to freeze those funds. The statement was made at the time by Kenya’s Assets Recovery Agency (ARA).

    “The 1st Respondent’s (Flutterwave) bank accounts received billions in a suspected scheme of money laundering and the same deposited in different bank accounts in an attempt to conceal or disguise the nature, source, location, disposition or movement of the said funds,” ARA said at that time.

    Flutterwave vehemently denied any impropriety at the time and stated that each of the transactions in question could be independently verified. 

    They claimed in their statement at the time that because they processed significantly large volumes of money and contributed to the growth of the economy in Kenya and the rest of Africa by facilitating payments for the largest organisations in the world and everyday businesses, they contributed to financial inclusion in Kenya.

    Part of the statement reads: “By facilitating payments for the biggest organizations in the world and everyday businesses, we process significantly large volumes of money and contribute to growing the economy in Kenya, and the rest of Africa.”

    Flutterwave Adds eNaira as a Payment Option for Merchants

    Flutterwave’s IPO Plans

    Since it was first established, the colossal fintech company has successfully raised more than $450 million from venture capital funds. On the basis of the company having annualised revenue of $100 million in 2021, investors valued the company at over $3 billion during its most recent round of funding. 

    An initial public offering (IPO) for the company Flutterwave will give early investors the opportunity to earn large returns on their investments, as the company’s growth is expected to continue unabated. 

    In addition to that, it will assist the company in raising even more money while simultaneously providing the general public with the opportunity to own a portion of the company.

    In addition, the company stated that its “strong balance sheet allows for the flexibility to fund operations through existing cash or through private capital” in the event that an initial public offering is not a viable option for the business. 

    This is a signal that the corporation is not ruling out the possibility of raising money in the event that the IPO does not fail to materialize.

    Despite the challenges Flutterwave is faced with, it still tries to forge ahead.

  • Fluterwave, others plan to buy British fintech, Railsr

    Fluterwave, others plan to buy British fintech, Railsr

    According to reports, a consortium is vying to buy the British fintech firm Railsr, and Flutterwave, the largest payment provider in Africa, is a member.

    Railsr, formerly Railsbank, provides embedded finance solutions like banking, credit cards, and digital wallets and has attracted interest from rivals like Flutterwave and investors.

    “There was severe rivalry for the asset” once the fintech business slowed in 2022. FinTech companies have lost roughly $1 trillion in value, according to a Financial Times investigation.

    Read also: The Qatar Investment Authority is set to purchase 20% of Vodafone Egypt

    How is Railsr progressing?

    The British fintech business has successfully raised over $187 million in equity capital with the support of illustrious investors like Visa. The business declared the close of a $46 million Series C fundraising round in October 2022.

    Major purchases have been made by the company. In August 2020, it bought Wirecard. Rick Haythornthwaite, the former MasterCard chairman and current chair of Ocado and the AA, became its chairman last year.

    Railsr has been impeded by the current economic downturn and other issues. British fintech has suffered layoffs. Northern Borealis, a Cyprus-based freight company, sued Railsr subsidiary PayrNet for nonpayment.

    Flutterwave’s strategy

    Flutterwave secured $250 million in Series D financing in February 2022, tripling the company’s value to nearly $3 billion in only a year. This was a significant transaction for the fintech industry, and the company there hopes for a stronger strategy.

    According to Olugbenga Agboola, CEO of Flutterwave, the company wants to expand through acquisitions in order to solidify its position further as a leader in the finance industry.

    The CEO added that “it will happen if we find a fit and see a firm with the same fundamental principles or culture and purpose of making payments simpler across growing economies.” We still have plans for that. 

    Flutterwave is part of the consortium trying to acquire Railsr, and Railsr founder Nigel Verdon had said that the company is “transforming the banking industry in the same manner that Apple did to the music industry when they developed iTunes.”

    Flutterwave’s second publicly acknowledged acquisition will be Railsr, following its 2021 purchase of Disha for an undisclosed six-figure sum.

    As of the time of publication, neither Flutterwave nor Railsr had made any formal remarks about the proposed acquisition.

    Mozilla acquires the Canadian firm active Replica to create a Metaverse

    About Railsr


    Railsr, formerly Railsbank, is a London-based open-API banking and compliance platform that gives regulated and unregulated companies access to global banking.

    Nigel Verdon and Clive Mitchell laid the groundwork in 2016 for what would become Railsr, an open banking and compliance platform. They provide a platform for financial innovation and growth that is built on an API and is designed for developers and product managers to use in the construction of their respective financial services firms.

    Railsr advertises its open API as a tool on which financial services, features, or products may be developed and sold by financial organizations. In addition to the platform, connectivity, operations, scheme memberships, regulation, and compliance, they also provide a full backend for financial services.

  • Flutterwave and Tobi Amusan Launch $end Mobile App for Easy Funds Transfer

    Flutterwave and Tobi Amusan Launch $end Mobile App for Easy Funds Transfer

    Flutterwave, the region’s top payments technology business, released $endmobile, an app that enables quicker and simpler money transfers from the diaspora to the African continent.

    According to a release, Tobi Amusan, the Nigerian who holds the women’s 100-meter hurdles world record, was also signed by Flutterwave as Endmobile’s ambassador. The firm claims this was done because of their comparable speeds and tenacity.

    The Send Mobile app, which is available on both the Play Store and the App Store, aims to improve the customer experience by making it faster, more transparent, and able to get the user’s money to its destination despite any problems.

    Other features include Apple Pay, which will let people with Apple devices do transactions easily from their mobile wallets, an improved activity section that tracks transactions in real time, and a new voucher code section that lets users make voucher cards.

    Tobi Amusan, who holds the world record for the 100-meter hurdles, said that she is thrilled to be the face of the product, which she claimed that she already uses.

    “Even though I spend a lot of time away from home, I try to see as many of my relatives as I can in Nigeria”. By allowing me to cater to as many of their requirements as I can, $end has made it easier for me to maintain contact with them. “I’m happy to be this product’s face for the African diaspora,” she said.

    Read also: Flutterwave obtains switching and processing licenses in Nigeria

    Why did Flutterwave choose Tobi Amusan?

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    Olugbenga  “GB” Agboola, Founder and Chief Executive Officer of Flutterwave, said, “It’s exciting that Tobi is $end’s Ambassador”. Given her speed and efficiency on the track and $endmobile’s quickness in providing cross-border transfers, I’d say it’s a fantastic fit.

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    Transferring money from the diaspora to Africa for things like tuition, property, healthcare, maintenance, and investments will be much quicker and more convenient with Send Mobile. We’re thrilled about the prospects of working together.

    The statement also recommended users download the Send Mobile app for their iOS or Android smartphone from the App Store or Google Play.

    In September, the Switching and Processing License was given to Flutterwave by the Central Bank of Nigeria (CBN). With this important license, the business can give customers payment cards directly and handle financial transactions for other fintech companies and financial institutions.

    In Kenya, the Asset Recovery Agency (ARA) said that the company used stolen cards and laundered money. Flutterwave disputed the charges that led a Kenyan court to freeze its accounts.

    Flutterwave Adds eNaira as a Payment Option for Merchants

    How to start sending money with the Send Mobile App: 

    • Create an account with Send (Android or iOS) by adding your email address, phone number, and password. If the Send Mobile app is already loaded on your phone
    • Access the Send Mobile App. 
    • Select “Send Now” from the menu. 
    • Enter the information for your money transfer, including the amount, sending and receiving currencies, and countries.
    • Go through the transaction and transfer the funds.
  • Flutterwave Adds eNaira as a Payment Option for Merchants

    Flutterwave Adds eNaira as a Payment Option for Merchants

    Flutterwave, the top provider of payments technology on the African continent, has added eNaira as a way for merchants to accept payments. This could help increase the adoption of digital currency.

    Nigeria, which is aiming for eight million users for the app that will be released in October, will be the first country in Africa to introduce a digital currency. But because lenders worry that the app will compete with their existing web platforms and cut into their fee income, it hasn’t been used as much as it could be.

    Over a million retailers already accept eNaira payments from their clients, according to a report from Flutterwave yesterday.

    “We…” are confident that this number will grow further as we continue to innovate and expand,” Flutterwave said in a statement.

    After 850,000 bank clients downloaded the eNaira digital currency in its initial phase of adoption, Nigeria hopes to increase usage by luring those without bank accounts.

    Remember that the Central Bank of Nigeria awarded Flutterwave a Switching and Processing License, which is regarded as the most significant payments processing license held by the apex bank.

    This enables the business to provide customers with transaction switching and card processing services. Non-bank acquiring, agency banking and payment gateway services are a few more.

    Due to the Switching and Processing license, Flutterwave is permitted to facilitate transactions between banks, fintechs, and other financial institutions. The business can also handle card transactions, do agency banking, and offer a variety of payment services to customers directly. Under the terms of its International Money Transfer Operator (IMTO) and Payment Solution Service Provider (PSSP) licenses, Flutterwave used to be able to do business.

    Read: A New Tap-to-Pay Service for Mobile Devices in Nigeria is Now Available

    Flutterwave launches SME Lending, fintech-as-a-service, Google and Apple Pay options

    The pan-African fintech company, Flutterwave, recently announced a rebranding of its dashboard and logo. It also expanded its range of services to include small business lending and fintech as a service (FaaS), among other things.

    The announcement comes after Flutterwave confirmed two days earlier that it had raised $250 million in a Series D round, bringing the company’s value to nearly $3 billion, which is three times as much as it was worth before. Olugbenga Agboola, the company’s founder and CEO, is in charge of making it easy for small to large businesses in Africa to pay each other across borders using a single API.

    Flutterwave 3.0, Africa’s most valuable startup and a payments giant launched a number of products and services. These included FaaS services for embedded finance, SME loans for its users, card issuance for a variety of clients, and an announcement that Apple Pay and Google Pay would be added to its payment options.

    The company’s lending partners, CashConnect Microfinance Bank, MoneyWise Microfinance Bank, Wema Bank, Zenith Bank, Zenith Bank, Stanbic IBTC Bank, and Sterling Bank, are offering the new SME loan product, Flutterwave Capital.

    “With Flutterwave Capital, we’re making it easier for business owners to access the funds they require to grow their businesses.” Business owners can expand, increase inventory, hire more labor, pay bills, run marketing campaigns, and ultimately grow revenue with these funds, “the company said.”

    Only Flutterwave companies in Nigeria may currently apply for loans, but the company says it is aiming to expand access to its companies in South Africa, Kenya, and other markets where it conducts business.

    In terms of the fintech-as-a-service option, Flutterwave is offering its infrastructure so that other businesses can use its APIs to add financial features to their current apps, products, and services.

    The FaaS solution from Flutterwave offers a single point of contact for Know Your Customer (KYC), account opening, debit card issuance, payments, real-time transfers, account maintenance, and compliance.

    The approach lets businesses avoid the often time-consuming work of setting up infrastructure, integrating many different financial systems that don’t work together, getting licenses, and following rules in order to develop and offer digital financial services to customers.

    Flutterwave, which has international clients like Booking.com, Flywire, and Uber, also assists companies outside of Africa in growing their operations there.

    To expand into Nigeria, Cadana has teamed up with Flutterwave

    More Advancement by Flutterwave

    The new features and products fit in with Flutterwave’s ambitious plan to add more to its line of products. In 2021, Flutterwave launched Flutterwave Market, a platform for retailers to sell their wares online, and Send, a remittance tool that allows users to send money to and from Africa.

    The business, which has offices in San Francisco and Lagos, raised $170 million in a Series C round in March 2021 at a $1 billion valuation. With the most recent financing, the company has now garnered $475 million in investments since its start in 2016 (including a $35 million Series B in 2020 and a $20 million Series A in 2018).

    With a $3 billion valuation, Flutterwave surpasses the $2 billion milestone reached by the cross-border payments platform Chipper Cash, funded by FTX, and SoftBank-backed fintech OPay in 2021.

    Flutterwave currently processes 200 million transactions totalling more than $16 billion via an infrastructure that spans 34 African nations. Its system is used by more than 900,000 businesses worldwide to process payments in 150 different currencies and uses a variety of payment methods, including bank transfers, local and international cards, mobile wallets, and its consumer product, Barter, which now supports multicurrency wallets.

  • Despite regulatory obstacles, Flutterwave obtains new payment licence

    Despite regulatory obstacles, Flutterwave obtains new payment licence

    The Central Bank of Nigeria (CBN) has given Flutterwave, a payment service company in Nigeria, a Switching and Processing License. It will be able to enable transactions.

    Although the PSSP license lets customers pay merchants and the IMTO license lets them pay for power across borders, Flutterwave still had to deal with several partners to make these things happen. That is something that it plans to modify so that it can, instead, execute transactions directly.

    What will the new development bring for the company?

    Flutterwave claims that it will be able to process transactions more quickly, develop new products, improve the ones it already has, and improve the payment experience thanks to this licence.

    Kenya Hits Flutterwave with Money Laundering, Seizes $56.7M Amidst Trial

    Customers, investors, and authorities in other countries will gain confidence in the company thanks to the enhanced security measures made possible by the Switching and Processing Licence.

    “A switching and processing licence is CBN’s most desirable payment licence because it embeds the licensee at the core of Nigeria’s financial ecosystem,” said the Central Bank of Nigeria (CBN). This necessitates comprehensive and stringent checks covering every aspect of the business’s operations. A section of the company’s blog about the news says, “By getting this license, we have shown that we have the highest level of security standards and processes in Nigeria.”

    Oluwabankole Falade, the company’s chief regulatory and government affairs officer, was also aware of the complicated process required to obtain the licence, as mentioned earlier. “We couldn’t be more ecstatic to have been granted this licence after successfully meeting all regulatory standards.” The application process was highly rigorous and included a detailed review of our operations as a business,” he stated.

    Flutterwave Denies Money Laundering Allegations

    The news broke on Tuesday that the company, with its headquarters in Lagos and its registration in San Francisco, is getting ready to make its initial public offering (IPO) on the Nasdaq stock exchange, which is the second largest stock exchange in the world. This occurred even though the company still faces multiple allegations of financial impropriety. It is generally agreed that the corporation improved its corporate governance by hiring four new executives from American Express in June. These executives came from the company’s rival, American Express.

    Flutterwave, which has a market capitalization of over $3 billion, is aiming for even greater success on the continent. Oneal Bhambani, the company’s chief financial officer, was hired away from American Express. He said the company plans to use the money from the stock exchange listing to grow in its current markets and enter new ones in Africa.

    Read: Flutterwave obtains switching and processing licenses in Nigeria

    Olugbenga Agboola, the creator of the company and the current CEO, shared his sentiments. “Building a thriving payments ecosystem in Nigeria, Africa’s largest economy, is in line with our goal of developing a world-class and secure payment infrastructure for global merchants and payment service providers across the continent,” he said. “This fits with our goal of building a world-class, secure payment infrastructure for global merchants and payment service providers across the continent.”

    About Flutterwave

    Flutterwave is a payments technology company with offices all over the world. It is currently building digital payments infrastructure, focusing on the African market. The company facilitates digital transactions within Africa, African countries, and other regions.

  • Flutterwave obtains switching and processing licenses in Nigeria

    Flutterwave obtains switching and processing licenses in Nigeria

    The most well-known fintech startup, Flutterwave, has announced that the Central Bank of Nigeria has given it a license to switch and process money. The company says that the new license will make it possible to complete transactions faster while improving the quality of payments, offering more products, and making the company safer.

    This is good news for the corporation, and it comes when they need it in light of the regulatory and financial problems they’ve been having in Kenya. The company’s accounts were closed, and it was said that the company was laundering money. The Central Bank of Kenya recently told all financial institutions in Kenya to stop doing business with the company because, according to the CBK, “they are operating without a license and permission from the CBK.”

    Flutterwave

    Despite these charges, the company has announced that it is getting ready to do what is known as an initial public offering (IPO) on the Nasdaq stock exchange.

    Read: Kenya Hits Flutterwave with Money Laundering, Seizes $56.7M Amidst Trial

    About Flutterwave

    Flutterwave is a technical software partner for banks and other suppliers of financial services. It combines Payment Account Attributes Inquiry, Foreign Exchange Rates, and Visa Direct to provide consumers in Africa and beyond with the ease of new features such as digital payments.

    Flutterwave released the following statement in response to the charges against the company: “Claims of financial improprieties involving the company in Kenya are absolutely incorrect, and we have the records to verify this.” We are a financial technology business that abides by the most stringent regulatory requirements in all aspects of our operations.