Flutterwave, a leading African fintech company, has received a Payment Systems Operator (PSO) license from the Bank of Uganda. This milestone marks a significant step in Flutterwave’s expansion across Africa, enabling it to offer a range of digital payment solutions tailored to Uganda’s market. With this license, Flutterwave is well-positioned to drive financial inclusion and economic growth in a country where over 78% of the population is under 35, making it a prime market for digital innovation.
Since its founding in 2016, Flutterwave has become a key player in Africa’s digital economy, offering solutions that simplify payments and foster cross-border transactions. In Uganda, the company will leverage its expertise in mobile money integration—vital for the country’s predominantly mobile-first population—and seamless cross-border payment capabilities to bridge the gap between Uganda and the global economy.
The PSO license allows Flutterwave to provide several services, including:
1. Payout Services: Facilitating disbursements like salaries and commissions.
2. Invoicing Solutions: Offering easy tracking and payment collection.
3. Mobile Money Integration: Ensuring convenient and accessible payment options for Ugandans.
4. streamlined Fund Transfers: Enhancing payment collections across various customer segments and locations.
This development will enable businesses in Uganda to benefit from efficient and reliable payment solutions through Flutterwave for Business or SendApp, helping to drive digital payments and inclusive growth in the country.
Olugbenga ‘GB’ Agboola, Founder & CEO of Flutterwave, expressed his excitement about this achievement, stating, “Securing this license in Uganda is a significant step towards realizing our vision of a financially connected Africa. We believe that the future of Africa lies in its ability to seamlessly connect its people, businesses, and economies through technology.”
Oluwabankole Falade, Chief Regulatory Officer at Flutterwave, added, “The acquisition of this license further solidifies our standing as a leading payment technology service provider in Africa. We are committed to adhering to all regulatory requirements and maintaining a strong relationship with the Bank of Uganda.”
Flutterwave’s entry into Uganda follows recent acquisitions of payment licenses in Ghana and Mozambique, further strengthening its presence across the continent and enhancing its ability to offer secure and seamless payments in Africa.
