Uganda grants Flutterwave payment systems operator license

• Published On: 28 August 2024 at 19:35

Flutterwave, a Nigerian payments technology company, has received a Payment Systems Operator license from the Bank of Uganda.

This milestone is a significant step in Flutterwave's ongoing expansion across Africa, as it adds Uganda to the list of countries where it operates.

Uganda's digital payment landscape is rapidly evolving, driven by a young and dynamic population—more than 78% of Ugandans are under the age of 35. This demographic offers a unique opportunity to boost economic growth by increasing financial inclusion and digital innovation.

Flutterwave, founded in 2016, has emerged as a key player in Africa's digital economy, with a mission to simplify payments and open up new possibilities. Flutterwave provides a diverse range of payment solutions tailored to the specific needs of each country in which it operates, leveraging advanced technology and a thorough understanding of African markets. In Uganda, where mobile money is critical for the predominantly mobile-first population, Flutterwave is well-positioned to facilitate seamless cross-border payments and bridge the gap between the country and the global economy.

Flutterwave will offer a variety of services in Uganda under the PSO license, including payout services for disbursing funds such as salaries and commissions, invoicing solutions for efficient payment tracking and collection, and mobile money integration to provide convenient payment options. The license will also allow the company to streamline fund transfers and payment collections across multiple customer segments and locations, thereby benefiting businesses via Flutterwave for Business and SendApp.

Speaking about the license approval, Olugbenga 'GB' Agboola, Founder and CEO of Flutterwave, stated, "Obtaining this license in Uganda is a significant step toward realizing our vision of a financially connected Africa. At Flutterwave, we believe that Africa's future depends on its ability to seamlessly connect its people, businesses, and economies via technology. We are excited to contribute to this journey by enabling Ugandan businesses and individuals to fully realize the potential of digital payments and drive inclusive growth."

Oluwabankole Falade, Chief Regulatory Officer at Flutterwave, stated, "The acquisition of this license strengthens our position as Africa's leading payment technology service provider. We are committed to meeting all regulatory requirements and maintaining a strong relationship with the Bank of Uganda to ensure that our services are safe, secure, and beneficial to Ugandans."

Flutterwave's entry into Uganda comes after it recently acquired payment licenses in Ghana and Mozambique, expanding its footprint and improving its ability to provide secure and seamless payments across the continent.