The initiative aims to provide vital financial support for climate change adaptation and mitigation projects in eight West African nations: Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo.

The Climate Study Fund will offer grants to fund feasibility studies, technical assistance, and capacity-building activities related to climate-resilient infrastructure development and green growth initiatives.

The fund seeks to unlock larger investments in climate-smart solutions and accelerate the region’s transition to a low-carbon economy.

The Climate Study Fund aligns with BOAD’s broader climate finance strategy, which aims to mobilize €1.5 billion by 2025 to support climate-related investments across its member states.

The bank recognizes the disproportionate impact of climate change on West Africa, which is characterized by increased droughts, floods, and rising sea levels.

These challenges threaten food security, water availability, and economic development, highlighting the urgent need for effective climate action.

With these licenses, Flutterwave can now facilitate remittances to and from approximately 29 US states through its popular Send App, enhancing accessibility for the African diaspora and businesses operating across the Atlantic.

“Acquiring these licenses strengthens our regulatory footprint and demonstrates our commitment to providing safe, reliable, and compliant financial services,” said Stephen Cheng, Executive Vice President for Global Expansion and Partnerships at Flutterwave.

This significant development comes four months after Flutterwave’s initial expansion into the US cross-border payment market.

Flutterwave’s proactive approach to acquiring licenses aligns with its strategy to solidify its position in the remittance space, particularly following regulatory challenges encountered in Kenya last year.

In recent months, the company secured International Money Transfer Operator (IMTO) licenses in Malawi and Rwanda and partnered with IndusInd Bank to launch Send App in India.

Flutterwave’s strategic acquisitions and partnerships position the company as a major player in the US-Africa remittance landscape.