Flutterwave received its Electronic Money Issuer and Remittance Licenses from the National Bank of Rwanda to deploy a range of new products to the country’s 13.5 million citizens
With the new Electronic Money Issuer and Remittance licenses, the African payments technology company Flutterwave will be able to offer money deposit and withdrawal, electronic funds transfer, as well as inbound and outbound remittance services in Rwanda.
A range of products to be deployed in Rwanda includes Send by Flutterwave, its proprietary cross-border money transfer solution, Flutterwave for Business with its suite of related products, including Store, payment links, invoices and checkout. All these services will help both individuals and businesses in the country make the most of the booming e-commerce market.
Micro, Small & Medium Enterprises (MSMEs) in Rwanda account for about 97% of businesses and contribute almost 55% to the total GDP. That makes small merchants critical to job creation and the economic growth of the country. New tools provided by Flutterwave will help them facilitate business operations and reach more customers globally.
Besides using Flutterwave as a payment gateway at the checkout stage, sending invoices and payment links, businesses can also set up their online stores straight from the Flutterwave dashboard.
Founded in 2016, Flutterwave has developed an API that lets global merchants and businesses process credit cards and local alternative payment methods popular in African countries.
The company’s proprietary software enables both foreign and African sellers to serve pan-African customers while processing payments like a local company. The list of existing customers includes Uber, Booking.com, and Jumia.