Summary: Flutterwave has received a payment processing license in Egypt and will be launching its “Flutterwave for Business” product in the country, which will enable companies to integrate financial services into their existing products. Flutterwave is expected to use its entrance into Egypt as a launchpad to other North African regions and eventually, the Middle East.
Flutterwave has made a significant step in expanding its coverage in Africa as it has received a payment processing license in Egypt. This approval permits operations such as sending and receiving payments for its users in the country.
The positive news follows shortly after the fintech company was cleared of fraud allegations in Kenya, where the government had previously frozen several of its accounts, containing funds up to $50 million.
In addition to the license, the company will also be launching its “Flutterwave for Business” product in Egypt, which will allow companies to integrate their financial services into their existing products and gain access to loans and card issuance.
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Flutterwave could use its entrance into Egypt as a launchpad to other North African regions and eventually, the Middle East.
“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,” Aalaa Gamal, Regional Manager, North Africa in Expansion & Partnerships, Egypt, said.
However, the company is not entering a market devoid of competition. A report claims that as of July 2022, there were 112 fintechs in Egypt and they keep growing. For Flutterwave, it has the advantage of a good track record, robust portfolio of clients, and enough financing to tempt companies looking for credits.
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