The African technology market has experienced interesting innovations and other regressive reports whereby tech start-up companies have gone bankrupt due to the global economic turmoil and lack of adequate business capital. TechBooky Africa reports Flutterwave expansion towards the Eastern region of the continent, as the FinTech unicorn acquired an Electronic Money Issuer and Remittance License in Rwanda.
Flutterwave CEO, Olugbenga “GB” Agboola, reported his company’s current development that intends to penetrate the East Africa market with electronic payment innovation. Despite the controversial issues the FinTech unicorn has with the Kenyan regulatory system, Agboola relentlessly crossed the border and opened branches out in Rwanda — Flutterwave did it by the books this time.
“Flutterwave, Africa’s leading payments technology company, has today announced that it has received its Electronic Money Issuer and Remittance Licenses from the National Bank of Rwanda. This will help the company expand its operations in East Africa,” Agboola said.
Flutterwave followed protocols in setting up a corporate entity that is ideal per consorting the regulatory system — this denotes complying with the inland government’s trade policy. The technology payment company is currently permitted to utilize its remittance tools to serve the Rwandan market which is populated by 13 million tech-savviest.
“From our first transaction to over 400 million now, we’ve remained committed to our vision of connecting all parts of Africa through payments and connecting Africa to the world. As a country well known for fostering innovation and promoting the use of digital technology, Rwanda has always been important to our expansion plans in East Africa,” Agboola said.
The Rwandan branch newly developed by the FinTech unicorn denotes the baby steps the FinTech giant intends to impact the entire continent with optimal electronic payment Infrastructure. The FinTech unicorn promises to service the Rwandan population with exclusive features via its in-house payment platform such as Flutterwave Send & Flutterwave Business.
The business account on the payment platform is ideal for the Rwanda MSME sector that impacts the inland GDP/economy with a 55% revenue inflow. Aside from businesses’ indulgence to innovate the economy’s GDP growth, individuals/customers also have a role to play which sum up the millions of tech-savviest Flutterwave intends to serve with an electronic payment solution.
It’s a no-brainer that the acquired license will bolster the FinTech unicorn growth in East Africa with the Rwandan market as its starting point likewise evading regulatory scolds which have reportedly happened in Kenya. To date, the Kenyan regulatory system continues to scold Flutterwave for misconduct.
Recall the FinTech unicorn had its business capital and other liquid assets frozen by the Kenya regulatory system which they released according to the pardon they issued Flutterwave. However, the FinTech unicorn and Meta are currently under regulatory scolds by the Kenyan regulatory agencies.