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Flutterwave has officially received a Payment Systems Operator (PSO) license from the Bank of Uganda, marking a significant milestone in its expansion across Africa.
This development adds Uganda to Flutterwave’s growing list of countries where it operates, further solidifying its position in the continent’s digital payment landscape.
The announcement comes at a time when Uganda’s digital payment ecosystem is undergoing a transformation, driven by a youthful population—over 78% of Ugandans are under the age of 35. This demographic shift presents a unique opportunity for economic growth through enhanced financial inclusion and digital innovation.
Founded in 2016, Flutterwave has quickly become a cornerstone of Africa’s digital economy. The company aims to simplify payments and create endless possibilities for businesses and individuals alike.
With its advanced technology and deep understanding of African markets, Flutterwave offers a comprehensive suite of payment solutions tailored to meet the unique needs of Uganda.
The newly acquired PSO license will enable Flutterwave to provide a range of services, including payout solutions for disbursing salaries and commissions, invoicing tools for easy payment tracking, and mobile money integration—essential for Uganda’s predominantly mobile-first population.
This will streamline fund transfers and payment collections across various customer segments, allowing businesses to benefit from efficient and reliable payment solutions through Flutterwave for Business or SendApp.
Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, expressed his enthusiasm about the license, stating, “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.”
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.”
Flutterwave’s entry into Uganda follows its recent acquisitions of payment licenses in Ghana and Mozambique, further expanding its footprint across the continent. As the company continues to grow, it remains focused on providing seamless and secure payment solutions that empower local businesses and foster economic development.
With the PSO license in hand, Flutterwave is poised to play a crucial role in shaping Uganda’s digital payment landscape, driving financial inclusion, and supporting the country’s economic aspirations.
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