Flutterwave Expands into Uganda
Flutterwave (www.Flutterwave.com), a prominent payments technology firm, has obtained a Payment Systems Operator (PSO) license from the Bank of Uganda. This achievement represents a significant step in Flutterwave’s growth throughout Africa, incorporating Uganda into its expanding network of operational countries.
The digital payment environment in Uganda is undergoing a transformation, propelled by a youthful and dynamic populace, with over 78% (https://apo-opa.co/3AHL6ti) of its citizens being under the age of 35. This demographic offers a remarkable opportunity to foster economic development through improved financial inclusion and digital advancements.
Established in 2016, Flutterwave has become a fundamental player in Africa’s digital economy, aiming to simplify payment processes for limitless opportunities. By utilizing its sophisticated technology and profound insight into African markets, Flutterwave provides a wide array of payment solutions specifically designed to meet the unique requirements of the country. From mobile money integration—essential for Uganda’s largely mobile-centric population—to efficient cross-border payment functionalities, Flutterwave is strategically positioned to connect Uganda with the global economy.
With the acquisition of the PSO license, Flutterwave will facilitate payout services for distributing funds such as salaries and commissions, offer invoicing solutions for streamlined tracking and payment collection, and enable mobile money integration to ensure convenient and accessible payment methods for Ugandans. This license will also enhance the efficiency of fund transfers and payment collections across various customer segments and locations in Uganda, allowing businesses to take advantage of effective, dependable, and customized payment solutions through either Flutterwave for Business or SendApp.
In response to the approval of the license, Olugbenga ‘GB’ Agboola, the Founder and CEO of Flutterwave, remarked that obtaining this license in Uganda represents a crucial advancement towards achieving the company’s vision of a financially interconnected Africa. He emphasized that Flutterwave is committed to the belief that Africa’s future hinges on its capacity to connect its people, businesses, and economies through technological innovation. Agboola expressed enthusiasm about contributing to this initiative, enabling Ugandan enterprises and individuals to fully leverage digital payment solutions and foster inclusive economic growth.
Oluwabankole Falade, the Chief Regulatory Officer at Flutterwave, further stated that the acquisition of this license reinforces the company’s position as a premier payment technology service provider within Africa. He affirmed Flutterwave’s dedication to complying with all regulatory standards and nurturing a robust partnership with the Bank of Uganda to ensure that their services are safe, secure, and advantageous for the Ugandan populace.
Flutterwave’s expansion into Uganda follows its recent attainment of payment licenses in Ghana and Mozambique, thereby broadening its presence and enhancing its capability to deliver seamless and secure payment solutions across the continent.
