Flutterwave, the Africa-based paytech company, is expanding into Uganda, after securing a Payment Systems Operator (PSO) licence from the Bank of Uganda.
Flutterwave shared excitement about the news, highlighting the transformation of the digital payment landscape in Uganda, driven by a young population. In fact, over 78 per cent of Ugandans are under the age of 35, presenting a significant opportunity to advance economic growth through enhanced financial inclusion and digital innovation.
With the PSO license, Flutterwave will offer payout services for disbursing funds like salaries and commissions, invoicing solutions for easy tracking and payment collection, and mobile money integration to provide convenient and accessible payment options for Ugandans.
“Securing this licence in Uganda is a significant step towards realising our vision of a financially connected Africa,” said Olugbenga Agboola, founder and CEO of Flutterwave. “At Flutterwave, we believe that the future of Africa lies in its ability to seamlessly connect its people, businesses, and economies through technology. We are excited to contribute to this journey, empowering Ugandan businesses and individuals to harness the full potential of digital payments and drive inclusive growth.”
The licence will also streamline fund transfers and payment collections across diverse customer segments and locations in Uganda, enabling businesses to benefit from efficient, reliable, and tailor-made payment solutions through either Flutterwave for Business or SendApp.
Expanding payment influence
Founded in 2016, Flutterwave is on a mission to simplify payments across Africa. Leveraging its deep understanding of African markets, Flutterwave offers a comprehensive suite of payment solutions tailored to Uganda’s needs.
With mobile money integration — crucial for Uganda’s predominantly mobile-first population — to seamless cross-border payment capabilities, Flutterwave also hopes to bridge the gap between Uganda and the global economy.
Oluwabankole Falade, chief regulatory officer at Flutterwave, also added: “The acquisition of this licence further solidifies our standing as a leading payment technology service provider in Africa. We are deeply committed to adhering to all regulatory requirements and maintaining a strong relationship with the Bank of Uganda to ensure our services remain safe, secure, and beneficial to the Ugandan people.”
Flutterwave’s entry into Uganda follows its recent acquisitions of payment licences in Ghana and Mozambique, further expanding its footprint and enhancing its ability to offer seamless and secure payments across the continent.
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