Flutterwave, leader in payments in Africa, announced the deployment of its static and dynamic virtual account service to Flotterswave merchants in and outside Ghana, further expanding its suite of payment solutions to improve the convenience and flexibility of businesses and customers.
The new feature allows Ghanaian customers to make payments to Flotterswave merchants using the remuneration method largely adopted with bank transfer (PWBT). As a business committed to simplify payments and allow transparent transactions, Flutterwave continues to innovate by providing companies with new tools to effectively collect payments. By introducing static and dynamic virtual accounts, the company aims to eliminate payment limitations caused by borders or restricted payment methods.
Improvement of payment options with virtual accounts
The newly launched Ghana virtual account service allows merchants to generate static and dynamic virtual accounts via the Flutterwave API. These virtual accounts provide customers with an additional payment option, allowing direct transactions via banking transfers or mobile monetary services.
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- Dynamic virtual accounts are designed for unique transactions at the checkout. Customers are presented with the details of the virtual account during the payment process and must transfer the exact amount on this account for the transaction to be completed successfully.
- Static virtual accounts Can be used for recurring payments or to assign unique account details to specific customers, providing greater flexibility for companies that managed frequent transactions.
This extension completes the existing payment methods available for Ghanaian customers, which includes mobile money, debit and credit cards, Google Pay and Apple Pay, further strengthening the Flotterswave payment ecosystem.
Advantages of Ghana virtual accounts
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Transparent and secure transactions
Customers can make payments safely through banking transfers, which reduces the risk of fraud. Transactions are authorized via the customer’s banking application or the mobile monetary platform, guaranteeing a high level of security. -
Minimized reimbursement errors and refund requests
The use of dynamic virtual accounts guarantees that customers pay the exact amount required, reducing differences and problems related to reimbursement.
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Rapid colonies
Payments treated through the remuneration method with banking transfer is set within 24 hours, much faster than other payment options. This rapid payment process improves cash flows for merchants. -
Increase in transaction limits
With remuneration with bank transfer, customers can make transactions up to 2,000,000 GHS, far exceeding the 25,000 GHS limit imposed on mobile money transactions. This higher limit improves payment experience for customers who manage large transactions. -
Scalability for companies
Whether for small businesses or large companies, Ghana virtual accounts provide scalable solutions to meet different payment needs. Traders can generate unique or bulk static accounts via the API if necessary.
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Easy integration
Companies can transparently integrate this functionality into their existing systems via the Flutterwave API. Detailed API documentation is available to facilitate fluid adoption. -
E-Levy considerations
To improve the customer experience, Flutterwave has incorporated E-Levy load notifications into the system, ensuring that users are aware of the applicable costs before completing transactions.
Underline the innovation of digital payments in Ghana
The introduction of virtual accounts of Ghana by Flutterwave comes after the FinTech Licorne earlier this month, announced its approval to provide interior payment services to Ghana, granted by the Bank of Ghana (BOG).
These developments highlight the company’s commitment to extend digital payment options in the country. By offering secure, rapid and scalable payment solutions, the Flotterswave continues to empower traders while improving the payment experience for Ghanaian consumers.
