Flutterwave Agrees Deal With Ethiopia Firm Over Cash Transfers
(Bloomberg) -- Flutterwave Inc. agreed a partnership with an Ethiopian company to facilitate mobile payments into the Horn of Africa country, part of plans to grow the customer base and add products.
The agreement will allow more than eight million Ethiopian diaspora to send money home through local tech firm Amole, Flutterwave said in statement on Thursday.
The deal comes as Ethiopia looks to open up its telecom industry to international operators, with Prime Minister Abiy Ahmed pledging to allow new entrants to offer mobile money in about a year’s time. Ethio Telecom, the state-owned monopoly, launched its own service earlier this month.
Flutterwave said this year its valuation passed $1 billion after raising funds from investors including billionaire Chase Coleman’s Tiger Global Management LLC, giving the firm so-called unicorn status.
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