Flutterwave, a payment infrastructure provider, has received payment services provider (PSP) and payment facilitator licenses in Egypt. This expands Flutterwave’s operations in North Africa, enabling the company to accommodate local and global settlements in Egypt. 

As a result of the license, Flutterwave can collect and settle payments on behalf of its customers and release its suite of business solutions in the region, which include store, payment links, invoices, and checkouts.

Analyst QuickTake: The expansion in North Africa supports Flutterwave in having a holistic presence in Africa, given it catered to around 34 African nations as of February 2022 (excluding North Africa). The company also received the Switching and Processing License from the Central Bank of Nigeria in September 2022. However, its expansion in the region has faced setbacks. For instance, in July 2022, the Central Bank of Kenya (CBK) directed all financial institutions to cease doing business with Flutterwave, stating that the company was not licensed to operate in the country.