Nigerian payments technology company, Flutterwave has been granted a Payment Systems Operator license by the Bank of Uganda.
This milestone marks a significant step in Flutterwave’s ongoing expansion across Africa, adding Uganda to the list of countries where it operates.
Uganda’s digital payment landscape is evolving rapidly, fueled by a youthful and dynamic population—over 78% of Ugandans are under the age of 35. This demographic presents a unique opportunity to drive economic growth through enhanced financial inclusion and digital innovation.
Founded in 2016, Flutterwave has become a key player in Africa’s digital economy, with a mission to simplify payments and unlock new possibilities. By leveraging advanced technology and a deep understanding of African markets, Flutterwave offers a wide range of payment solutions tailored to the specific needs of each country it operates in. In Uganda, where mobile money is crucial for the predominantly mobile-first population, Flutterwave is well-positioned to facilitate seamless cross-border payments and bridge the gap between Uganda and the global economy.
With the PSO license, Flutterwave will provide a variety of services in Uganda, including payout services for disbursing funds such as salaries and commissions, invoicing solutions for efficient payment tracking and collection, and mobile money integration to offer convenient payment options. The license will also enable the company to streamline fund transfers and payment collections across different customer segments and locations, benefiting businesses through Flutterwave for Business and SendApp.
Speaking on the license approval, Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, said, “Securing this license in Uganda is a significant step towards realizing our vision of a financially connected Africa. At Flutterwave, we believe that Africa’s future lies in its ability to seamlessly connect its people, businesses, and economies through technology. We are excited to contribute to this journey by empowering Ugandan businesses and individuals to harness the full potential of digital payments and drive inclusive growth.”
Chief Regulatory Officer at Flutterwave, Oluwabankole Falade, added, “The acquisition of this license further solidifies our position 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 to ensure our services are safe, secure, and beneficial to the Ugandan people.”
Flutterwave’s entry into Uganda follows its recent acquisition of payment licenses in Ghana and Mozambique, expanding its footprint and enhancing its ability to offer secure and seamless payments across the continent.
