Flutterwave Secures Key Payment Licence in Mozambique Amid Security Concerns

Flutterwave, a top payment company in Africa, has obtained an in-principle payment aggregator licence in Mozambique. This important licence will allow e-commerce businesses to accept various online payments without needing to develop their own payment systems.

Once fully approved, this licence will enable global businesses and merchants to expand into Mozambique, accept payments, and connect with local customers, broadening their market 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.

However security, this expansion comes on the heels of recent security challenges. In April 2024, a  breach at Flutterwave allowed unauthorised individuals to divert ₦11 billion ($7 million) to several bank accounts. Flutterwave insists that no customer funds were compromised, though this incident follows similar breaches over the past fourteen months.

For instance, in October 2023, ₦19 billion ($24 million) was illegally transferred through unauthorised transactions by POS merchants, affecting over 6,000 accounts. These incidents have raised concerns about Flutterwave’s internal security measures as the company continues to grow across Africa.

Despite these challenges, Flutterwave is pushing forward with its expansion into southeastern Africa. After recently entering the Malawian market, the company is now focused on Mozambique, where e-payments are expected to surpass $9 billion by 2028, growing annually by 15.28%.

Agboola emphasised that Flutterwave is ready to meet the evolving payment needs in Mozambique using its technology, industry experience, and comprehensive solutions.

Flutterwave aims to democratise payment access for businesses entering Mozambique, leveraging its extensive network of global partnerships, multiple licences, and robust infrastructure to simplify business operations in the region.