Flutterwave, one of Africa’s leading payment companies, has secured a Mozambique payment aggregator licence in principle. This high-profile licence enables e-commerce merchants to accept various payment instruments online without needing to build their own systems.
Once approved, global enterprises and merchants will be able to expand their businesses to Mozambique, accept payments and reach their Mozambican customers, expanding their reach.
“Our goal is to empower local businesses and open doors for global enterprises across all industries by providing them with a secure and convenient payment solution that drives inclusive growth,” said Flutterwave CEO Olugbenga Agboola in a statement seen by TechCabal.
This expansion comes amidst recent security challenges for the company. In April 2024, TechCabal reported that Flutterwave suffered a security breach that allowed unauthorised actors to divert ₦11 billion ($7 million) to several bank accounts. Flutterwave maintains that “no customer funds were lost or compromised”, but this incident follows a string of similar events in the past fourteen months.
In October 2023, about ₦19 billion ($24 million) was illegally transferred through unauthorised transactions by POS merchants, impacting over 6,000 accounts. This trend raises concerns about Flutterwave’s internal security protocols, particularly as the company scales its operations across Africa.
Given its recent expansion to Malawi, Flutterwave is making a strong statement to facilitate the fast-growing financial landscape in southeastern Africa. Mozambique is billed to process over $9 billion in e-payments by 2028—compounding at 15.28% year-on-year from what it is now.
Also speaking on the licence approval-in-principle, Agboola stated that “as individuals’ and businesses’ payment needs evolve across the country, we are ready to leverage our technology, extensive industry experience, and comprehensive solution to meet their diverse payment needs”.
The company is democratising payment access for businesses making inroads to Mozambique by allowing them to leverage its vast network of global partnerships, multiple licences, and infrastructural reach to make doing business in the southeast African region easy.
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Source link : https://techcabal.com/2024/05/29/flutterwave-receives-payment-aggregator-licence-approval-in-principle-to-expand-to-mozambique/
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Publish date : 2024-05-29 11:02:53
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