Flutterwave, a leading African Fintech company, had made significant strides in its expansion across the continent by securing a Payment Systems Operator (PSO) license in Uganda.
The license, granted by the Bank of Uganda, allows Flutterwave to offer its innovative digital payment solutions within the country, further solidifying its position as a key player in Africa’s fintech ecosystem.
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.
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The license 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.
Commenting on the license approval, Flutterwave founder and CEO Olugbenga Agboola said,
“Securing this license in Uganda is a significant step towards realizing our vision of a financially connected Africa. 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.”
Also speaking, 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 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.”
Uganda, with its rapidly growing digital economy and increasing demand for online payment services, presents a promising market for flutterwave. The company’s entry into the East African country, is expected to boost e-commerce, support local businesses, and contribute to the overall growth of the country’s digital economy.
This expansion follows Flutterwave’s successful operations in other African markets, including Nigeria, Kenya, and South Africa. By obtaining the Payment Systems Operator license in Uganda, Flutterwave is not only expanding its geographic footprint but also strengthening its ability to facilitate secure, efficient, and reliable payment services across the continent.
The move is part of Flutterwave’s broader mission to build a unified payments platform for Africa, connecting the continent to the global economy. As the company continues to expand, it is poised to play a pivotal role in shaping the future of digital payments in Africa.