Flutterwave expands payments in Zambia

Flutterwave, a leading payments technology firm in Africa, has obtained a Payment System License to operate in Zambia

This approval enables Flutterwave to provide secure and cost-effective mobile money services to businesses in Zambia, fostering both local and international commerce while enhancing financial inclusion and economic growth.

Zambia presents a strong growth opportunity for Flutterwave, given the country’s rising internet penetration and widespread reliance on mobile money for daily transactions. Mobile money services account for nearly 70% of Zambia’s financial inclusion rate. With its mobile money collection and payout solutions, Flutterwave empowers businesses across multiple industries to streamline payments, lower transaction costs, and scale efficiently in both domestic and global markets.

“Zambia is a market with enormous potential for growth and innovation, so we are excited to bring our payment solutions here,” said Olugbenga ‘GB’ Agboola, founder and CEO of Flutterwave. “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 stretches across 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.”

For international businesses expanding into Zambia, Flutterwave offers a dependable payment gateway, facilitating smooth local transactions and supporting a wide range of payments, including consumer and business-to-business transactions. Likewise, Zambian businesses seeking global market access can leverage Flutterwave’s cross-border payment solutions to receive payments from the diaspora and conduct international trade seamlessly.

“Acquiring the Payment System License in Zambia is a crucial step in our Pan-African expansion strategy,” said Oluwabankole Falade, chief regulatory officer at Flutterwave. “This license allows us to not only support Zambian businesses in growing and competing globally but also to ensure that our operations are in full compliance with local regulations. We are deeply grateful to the Bank of Zambia for their trust and for the opportunity to work within Zambia's financial ecosystem. We are committed to collaborating closely with the Bank of Zambia and other regulatory bodies to promote financial innovation and drive economic growth.”

With a presence in over 30 countries, Flutterwave has established itself as a trusted payments partner for businesses across Africa. Its expansion into Zambia underscores its dedication to empowering African enterprises and advancing economic growth through digital payments.