The Egyptian authorities have granted Flutterwave, a leading payments technology company, two new licenses: Payment Services Provider and Payments Facilitator.
According to a statement released by the company, these licenses will allow it to act as an official payment service provider in the country, collect payments on behalf of its customers, and settle payments both locally and globally.
These licenses will also allow the organization to use Flutterwave for a business suite of products in Egypt, such as a store, payment links, invoices, and checkout.
As a result of these licenses, Flutterwave becomes one of Egypt’s few payment service providers with both local and global settlement capabilities.
Flutterwave facilitates cross-border transactions in multiple currencies for global companies such as Uber, and the new licenses will help the company support international businesses entering or expanding in Egypt.
The company will also be in a strong position to help Egyptian businesses expand internationally, as well as to create new jobs in the country by empowering local businesses.
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,” the Regional Manager for North Africa in Expansion & Partnerships, Egypt, Aalaa Gamal, said.
We are proud to have been granted the Payment Services Provider and Payment Facilitator licenses in Egypt, which form part of our international expansion strategy.
This is a testament to our commitment to providing first-class payment services, seamlessly connecting businesses to their customers.
Our vision is to connect all parts of Africa through payments and connect Africa to the world. This way, it is easier for multinationals to expand into Africa. This achievement is yet another step in that direction, the CEO and founder of Flutterwave, Mr Olugbenga GB Agboola, said.
