Flutterwave, a leading African payments technology company, has expanded its reach, for it has now secured a payment system license to operate in Zambia, and this development will enable them to provide affordable and secure mobile money services to Zambian enterprises.
According to reports, mobile money adoption contributes nearly 70% to Zambia’s financial inclusion rate, therefore the opportunity for Flutterwave is significant, and they aim to streamline transactions for businesses across various sectors.
Moreover, the country’s rising internet penetration and reliance on mobile money for daily transactions make this an opportune time for fintech’s entry.
Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, expressed his enthusiasm, saying, “Zambia is a market with enormous potential for growth and innovation, so we are excited to bring our payment solutions here. Our goal is to provide businesses across the entire African region with the tools they need to compete not just locally but globally. Flutterwave’s infrastructure now spans the majority of Africa, and with our new license in Zambia, we are one step closer to achieving our mission. At Flutterwave, we believe that by simplifying payments, we can unlock new opportunities for businesses in Zambia and contribute to the country’s broader economic development.”
Furthermore, Flutterwave’s mobile money collection and payout services will allow Zambian businesses to reduce operational costs and scale their operations in both local and global markets.
Not only will the firm provide a gateway for international companies entering the Zambian market, facilitating seamless local payments for a wide range of transactions, but also it will offer cross-border payment solutions for Zambian businesses looking to tap into global markets.
Thus, collecting payments from the diaspora and conducting international business will be simplified.
Chief Regulatory Officer at Flutterwave, Oluwabankole Falade, highlighted the license’s importance stating, “Acquiring the Payment System License in Zambia is a crucial step in our Pan-African expansion strategy. This license not only enables us to support Zambian businesses in their growth and global competitiveness but also ensures that our operations adhere to local regulations.”
He added, “We are deeply grateful to the Bank of Zambia for their trust and for the opportunity to operate within Zambia’s financial ecosystem. We are committed to working closely with the Bank of Zambia and other regulatory bodies to promote financial innovation and drive economic growth.”
Recently, the firm valued at over $3 billion is currently pursuing a listing on the Nigerian Exchange Limited (NGX) and reports states that the company received backing of President Bola Tinubu.
Flutterwave, having established a successful operational record across more than 30 African nations, has now extended its services into Zambia.
Consequently, it is clear that the company’s dedication to bolstering African businesses and fostering economic advancement through digital payment solutions remains a primary objective.
Recently, also Nigeria-headquartered ThriveAgric, an agritech company dedicated to empowering smallholder farmers in Africa, now extending its operations into Zambia.
This expansion will include the launch of farmer support programs designed to equip Zambian farmers with the necessary resources and knowledge to succeed.
By replicating its successful model of connecting farmers to financing, best practices, and markets, The firm aims to bolster the Zambian agricultural sector and contribute to the country’s economic development.
ThriveAgric facilitates access to crucial resources like financing, data-driven farming techniques, and market connections.
By leveraging technology, the company streamlines agricultural processes and enhances efficiency, contributing to food security through increased farmer productivity.
Their core mission revolves around bridging the gaps that often impede smallholder farmers, providing them with essential tools and support.
