Flutterwave, the African fintech unicorn, has acquired two licenses from the National Bank of Rwanda, allowing it to provide remittance services and operate as an electronic money issuer in the country.
The move is part of the company's expansion strategy in East Africa, where it already operates in Kenya, Tanzania, Uganda and Rwanda.
Flutterwave aims to provide micro, small and medium enterprises (MSMEs) in Rwanda with tools to stimulate the economy, support global and Rwandan businesses, and facilitate seamless cross-border transactions for Rwandans.
The acquisition of licenses in Rwanda is expected to support the country's goal of achieving a cashless economy by innovating and employing digital technology to support businesses and stimulate economic growth.
MSMEs in Rwanda account for nearly 97% of businesses and contribute almost 55% to the total GDP, according to Rwanda's National Institute of Statistics. Flutterwave's expansion drive in East Africa is set to strengthen its position as a leading fintech player on the continent.
The licenses will also enable the company to offer its cross-border money transfer solution, Send by Flutterwave, as well as its suite of products, including Store, payment links, invoices and checkout, to individuals and businesses in Rwanda.
Flutterwave has been rapidly acquiring licenses across Africa to enhance its services in the region. Last month, the company obtained payment services provider and payment facilitator licenses from the National Bank of Egypt, as part of its North African expansion strategy.