Flutterwave, a Nigeria-based payments technology company, has obtained a Payment System License from the Bank of Zambia, allowing it to provide mobile money services in the country.
This license enables the company to facilitate local and international transactions for businesses while supporting financial inclusion and economic activity.
Zambia has a growing digital payments sector, with mobile money contributing to nearly 70% of the country’s financial inclusion rate.
Flutterwave’s mobile money collections and payout services aim to help Zambian businesses streamline transactions, lower costs, and expand into regional and global markets.
“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, Flutterwave’s founder and CEO.
“Our goal is to provide businesses across Africa with the tools they need to compete not just locally but globally. With our new license in Zambia, we are one step closer to achieving that mission.”
The company’s services will also support international firms entering Zambia by providing a payment gateway for consumer and business transactions.
Local businesses looking to expand abroad will benefit from Flutterwave’s cross-border payment solutions, allowing them to collect payments from international customers and conduct business globally.
“Acquiring the Payment System License in Zambia is a crucial step in our Pan-African expansion strategy. This license allows us to support Zambian businesses while ensuring full compliance with local regulations,”
said Oluwabankole Falade, Flutterwave’s Chief Regulatory Officer.
In February 2023, Flutterwave announced that it has received its Payment Services Provider and Payments Facilitator licenses in Egypt.
Featured image credit: edited from freepik
