Flutterwave (www.Flutterwave.com), a leading payments technology company, has recently been granted a Payment Service Provider license (Enhanced Category) by the Bank of Ghana. The milestone marks a significant expansion of Flutterwave’s operations in Africa, enabling the company to offer a comprehensive suite of payment services directly within, and through Ghana.

Ghana presents an exciting market for Flutterwave’s innovative solutions. With a stable democracy, a tech-savvy youth population, and a high mobile internet penetration rate of 71%, Ghana is well positioned for rapid digital adoption. The country’s digital payments market is projected to reach $7 billion in 2024, with an anticipated growth rate of 15.78%, resulting in a total value of $12.96 billion by 2028.

For potential customers in Ghana, Flutterwave’s license translates to more seamless and secure money transfers across the country. Businesses will benefit from direct collection and payout services, automated invoicing, payment links, and a checkout solution that supports multiple payment methods including cards, mobile money, and bank transfers.

Commenting on the license approval, Olugbenga ‘GB’ Agboola, Founder&CEO of Flutterwave said, “When we started this journey, our goal was to unite the fragmented payment infrastructure in Africa, and securing this license in Ghana brings us a step closer to achieving that mission. At Flutterwave, we are committed to using our platform to promote economic growth to the nation, while also providing unparalleled service to all our prospective customers in Ghana and in the diaspora “

The Payment Service Provider license (Enhanced Category) allows Flutterwave to operate without the need for third-party services, streamlining payment processes for businesses and customers alike. The Enhanced Category license further empowers Flutterwave to support other licensed fintech companies in Ghana by providing essential payment services, ultimately promoting a more integrated and efficient financial ecosystem.

Oluwabankole Falade, Chief Regulatory Officer at Flutterwave, said: “We are grateful to the Bank of Ghana for their trust and support in granting us this license. This milestone highlights our commitment to regulatory compliance and delivering secure, reliable payment solutions. We are excited to contribute to Ghana’s dynamic business ecosystem and support the financial inclusion of Ghanaians, both locally and globally.”

Distributed by APO Group on behalf of Flutterwave.

For additional information on Flutterwave or interview requests, please contact Hudson Sandler at flutterwave@hudsonsandler.com

About Flutterwave:
Flutterwave is the leading payments technology company that enables businesses across the world to expand their operations in Africa and other emerging markets through a platform that enables local and cross-border transactions via one Application Programming Interface (API). Flutterwave has processed over 630M transactions in excess of USD $31B and serves more than 1.5m businesses, including customers like Uber, Air Peace, Bamboo, PiggyVest, and others. The company’s key advantage is connecting businesses to various local and international payment types to enable them to expand globally. It also enables cross-border transactions from the diaspora to African countries via its SendApp product. Flutterwave processes payments via multiple payment modes, including local and international cards, mobile wallets, bank transfers, and Google Pay. The company has an infrastructure reach in 34 African countries. For more information on Flutterwave’s journey, please visit www.Flutterwave.com.

The Board of Directors of the African Development Bank Group (www.AfDB.org) has approved a loan of $500 million to the Federal Republic of Nigeria, to finance the first phase of the Economic Governance and Energy Transition Support Program (EGET-SP), a new program aimed at accelerating transformation of the country’s electricity infrastructure and improving access to cleaner sources of energy.  

The loan will help close the financing gap of the Federal Budget in the 2024/25 fiscal year, specifically supporting the implementation of the country’s new Electricity Act and the Nigeria Energy Transition Plan (https://apo-opa.co/3Ws6cmz)

The Nigerian government launched the energy transition plan in August 2022, and in June 2023, passed a new Electricity Act decentralizing the electricity supply industry and setting the stage for increased investments by subnational governments and the private sector.  

The energy transition plan envisions the development, by 2050, of 250 GW of installed electricity capacity, 90% of which will be renewable. It will provide clean cooking access to the bulk of the population by 2030, using liquefied petroleum gas (LPG), biogas, biofuels like ethanol, and electric cookstoves.  

The Economic Governance and Energy Transition Support Program will also support the implementation of these policies, helping deliver much-needed upgrades of Nigeria’s electricity infrastructure, and fast-tracking the country’s efforts to transition millions of households and businesses to cleaner and renewable sources of energy. 

The Bank Group’s $500m support to the Federal Government of Nigeria is the latest in a series of initiatives aimed at supporting the country’s economic growth, poverty reduction, and climate action efforts.  

The Economic Governance and Energy Transition Support Program (EGET-SP) is in line with the Bank Group’s new Ten-Year Strategy 2024-2033 (https://apo-opa.co/3WJPu3E), its High 5s (https://apo-opa.co/3LNIMDu) priorities, and the New Deal on Energy for Africa (https://apo-opa.co/3SyFTKx) which seeks to achieve universal access to modern energy by 2030. 

As of July 2024, the African Development Bank Group’s active portfolio in Nigeria is valued at about $4.4 billion. 

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Media contact: 
Tolu Ogunlesi
Communication and External Relations Department
media@afdb.org  

About the African Development Bank Group:
The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org

Angola aims to complete the privatization of national oil company (NOC) (http://apo-opa.co/3yn9bos) Sonangol by 2026, diversifying the government’s 30% stake in the company while attracting investors to help expand operations across the oil and gas value chain. The privatization initiative not only supports Sonangol’s ambition to become a competitive operator but reaffirms the company’s position as a strong partner for regional NOCs.

Sonangol has joined this year’s Angola Oil&Gas (AOG) conference – taking place this October in Luanda – as a diamond sponsor. The sponsorship reflects the NOCs commitment to not only Driving Exploration and Development Towards Increased Production in Angola – the theme of this year’s conference – but to connecting with global investors and project developers on new opportunities in oil and gas development.

AOG is the largest oil and gas event in Angola. Taking place with the full support of the Ministry of Mineral Resources, Oil and Gas; Sonangol; the National Oil, Gas and Biofuels Agency; the African Energy Chamber; and the Petroleum Derivatives Regulatory Institute, the event is a platform to sign deals and advance Angola’s oil and gas industry. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

Angola aims to maintain production above one million barrels of oil per day (bpd) beyond 2027 by accelerating exploration and investments in incremental production. At the same time, the country aims to increase the share of natural gas in the energy mix to 25% by 2025, highlighting strategic opportunities for foreign investors and project developers. To achieve these goals, Sonangol has positioned itself as a strong and reliable partner for oil and gas companies.

Drawing on over 60 years of industry experience, Sonangol continues to be at the forefront of Angola’s upstream oil and gas sector. The NOC has gained significant expertise through partnerships with international oil and gas players including TotalEnergies, Chevron, Galp Energia, ExxonMobil and many more. In May this year, Sonangol and its partners – including energy supermajor TotalEnergies and petroleum refineries company Petronas – in Block 20/11 announced a final investment decision for the $6 billion Kaminho deepwater project (http://apo-opa.co/3yy1Oui) in Angola. Comprising the Cameia and Golfinho fields, the project features a floating, production, storage and offloading (FPSO) vessel, which will produce 70,000 bpd once operational by 2028.

Sonangol is also developing the Agogo Integrated West Hub Development Project in collaboration with international energy company Azule Energy. The project involves drilling 36 new wells and installing an FPSO (http://apo-opa.co/4cb9IYt) with a production capacity of 120,000 bpd, a gas injection capacity of 230 million standard cubic feet per day and a water injection capacity of 12,000 bpd. Scheduled for operation by late-2025, this initiative underscores Sonangol’s commitment to expanding oil production.

In the downstream sector, Sonangol is advancing Angola’s refining capacity through cooperation with international investors, positioning itself as a crucial supplier of petroleum products to the regional market. The company recently signed an agreement with Azule Energy to enhance decarbonization at the Luanda Refinery – the country’s sole operating refinery. Additionally, in March 2024, Sonangol awarded engineering firm KBR a contract to construct the 200,000 bpd Lobito Refinery in Benguela province. Sonangol is also spearheading the development of the 60,000 bpd Cabinda refinery and the 100,000 bpd Soyo refinery.

During the AOG 2024 conference, Sonangol will share insight into how ongoing project developments will enhance energy security in both Angola and the broader region. Delegations from China, the US, Europe, the USA, the UAE, Switzerland and more are participating, creating opportunities for new deals ahead of the country’s 2025 Limited Tender – launching in Q1 next year.

For more information about the program, visit https://apo-opa.co/4fvmCUe.

Distributed by APO Group on behalf of Energy Capital&Power.

Earlier this month, Canadian independent Reconnaissance Energy Africa (ReconAfrica) spud the Naingopo-1 exploration well in the Damara Fold Belt in Namibia’s Kavango Basin. As ReconAfrica progresses with onshore exploration efforts, the company will participate in African Energy Week (AEW): Invest in African Energy 2024 – scheduled for November 4-8 in Cape Town – as a Bronze Sponsor, underscoring its commitment to expanding Namibia’s hydrocarbon reserves.

ReconAfrica is renowned for its exploration activities in the Kavango Basin in Namibia and Botswana, where it is currently targeting multiple oil and natural gas reservoirs. In partnership with the National Petroleum Corporation of Namibia (NAMCOR), the company has pioneered an innovative and data-driven approach to exploration. Since 2020, ReconAfrica has drilled several test wells providing valuable data on the potential of the Kavango Basin. Its latest Naingopo-1 well is expected to reach a total depth of around 3,800 m within 90 days and will be critical to establishing prospectivity of the basin.

AEW: Invest in African Energy stands as the premier platform for project operators, financiers, technology providers, and governments, recognized as the definitive venue for sealing deals in African energy. For more information about this pivotal event, visit www.AECWeek.com.

ReconAfrica and NAMCOR have identified five potential conventional reservoir zones in its initial wells in the Kavango Basin, with over 650 feet of net reservoir confirmed. These wells have shown substantial hydrocarbon presence, suggesting the potential for significant discoveries in the region. The company has also completed approximately 30% of a 450-km seismic field acquisition program, which is on schedule and expected to guide future drilling locations.

Participation at AEW: Invest in African Energy 2024 provides a strategic opportunity for ReconAfrica to connect with key stakeholders, explore new partnerships and potentially farm-in to promising onshore projects across Africa. Countries like Angola – set to launch a frontier licensing round in early-2025 – offer underexplored prospects coupled with established production infrastructure. Angola’s onshore exploration potential includes the Lower Congo and Kwanza basins, which have shown promising geological structures similar to those found in offshore fields, making them attractive for further exploration and development.

Similarly, countries like Mozambique, Uganda and Tanzania are opening up new exploration frontiers, presenting attractive farm-in opportunities for independents like ReconAfrica. The oil reserves in Uganda’s portion of the Lake Albert Basin, particularly in the Albertine Graben, are estimated at around 6.5 billion barrels, indicating promising prospects within the onshore region.

“ReconAfrica’s exploration efforts in the Kavango Basin affirm its commitment to discovering and developing new energy resources in Africa’s frontier markets, particularly focusing on untapped onshore potential to unlock significant oil and gas resources. The company’s efforts also align with broader initiatives to enhance regional energy security and stimulate economic growth through sustainable resource development,” says NJ Ayuk, Executive Chairman of the African Energy Chamber.

Returning for this year’s edition of AEW: Invest in African Energy, ReconAfrica will contribute its technical expertise and latest project updates to industry-led discussions and presentations. By engaging with Africa’s leading energy sector stakeholders, ReconAfrica aims to support the continent’s journey towards energy independence and sustainable development.

Distributed by APO Group on behalf of African Energy Chamber.