Flutterwave, a Nigerian-based fintech company, has obtained payment services provider and payments facilitator licenses from the National Bank of Egypt. This allows the company to act as an official payment service provider in the country, collect payments on behalf of its customers and settle payments locally and globally. Flutterwave, which facilitates cross-border transactions for global companies such as Uber, will deploy its suite of products including store, payment links, invoices, and checkout in Egypt. The licenses will also support international businesses entering the Egyptian market or expanding their operations in the country. The digital payments market in North Africa and the Middle East is expected to grow at a compound annual rate of 13.3% until 2026. This announcement comes after Flutterwave cleared itself of money laundering allegations in Kenya. The company is reportedly seeking to acquire Railsr, a UK fintech.

Read the full article on BenjaminDada