Fintech leader Flutterwave has taken a significant step towards solidifying its dominance in the African payments landscape, acquiring a Payment Systems Operator (PSO) license from the Bank of Uganda. This move marks Uganda as the latest addition to Flutterwave’s growing list of operational territories across the continent.
The Ugandan digital payments scene is undergoing a dynamic transformation, fueled by a youthful and tech-savvy population. With over 78% of citizens under 35, Uganda presents a fertile ground for financial inclusion and economic growth powered by digital innovation.
Founded in 2016, Flutterwave has become a cornerstone of Africa’s digital economy, aiming to streamline payments and unlock a world of possibilities for businesses and individuals. The company leverages its cutting-edge technology and deep understanding of African markets to offer a comprehensive suite of payment solutions tailored to each country’s unique needs.
Recognizing the mobile-first nature of Uganda’s economy, Flutterwave prioritizes mobile money integration as a core offering. Their services, however, extend far beyond, encompassing seamless cross-border payments to connect Uganda with the global marketplace. This strategic move positions Flutterwave to bridge the gap between Uganda and the international financial arena.
The newly acquired PSO license empowers Flutterwave to offer a range of valuable services to Ugandans:
- Efficient Disbursement: Services like salary and commission payouts will be facilitated through Flutterwave.
- Streamlined Invoicing: Businesses will have access to solutions for easier tracking and collection of payments.
- Convenient Mobile Money Integration: Catering to the mobile-first population, Flutterwave provides accessible payment options.
The license also paves the way for smoother fund transfers and collections across various Ugandan business segments and regions. Businesses of all sizes can benefit from the secure, reliable, and custom-tailored payment solutions offered through Flutterwave for Business or SendApp.
“Securing this license in Uganda represents a significant milestone in our vision for a financially connected Africa,” stated Olugbenga ‘GB’ Agboola, Founder & CEO of Flutterwave. He emphasizes the company’s belief in technology’s potential to seamlessly connect people, businesses, and economies across the continent. Flutterwave is committed to empowering Ugandans to leverage the full power of digital payments and drive inclusive economic growth.
Oluwabankole Falade, Chief Regulatory Officer at Flutterwave, reiterated the company’s dedication to compliance. “This license solidifies our position as a leading African payment technology provider,” he said. “We are firmly committed to adhering to all regulatory requirements and fostering a strong relationship with the Bank of Uganda. This ensures our services remain safe, secure, and beneficial for the Ugandan people.”
Flutterwave’s expansion into Uganda follows recent acquisitions of payment licenses in Ghana and Mozambique. This strategic move strengthens their footprint and empowers them to deliver seamless and secure payments across Africa. The future of the continent’s digital economy looks bright, and Flutterwave is positioned to play a key role in its continued growth.