Flutterwave has secured a Payment Systems Operator (PSO) licence from the Bank of Uganda, marking a significant milestone in its expansion across Africa. With this licence, businesses in Uganda can now access Flutterwave’s comprehensive payment solutions, enabling them to make single and bulk payouts to suppliers, employees, and partners.
This development also allows Ugandans living abroad to send money home more efficiently, further enhancing financial connectivity for the diaspora.
Flutterwave’s PSO licence is a testament to the company’s commitment to complying with all legal and regulatory requirements in Uganda. The company emphasised the importance of adhering to local laws as it continues to expand its footprint in Africa’s growing digital economy.
Uganda’s increasing Internet penetration, widespread adoption of smartphones and mobile money, and significant remittance inflows have created a favourable environment for Flutterwave’s operations.
Read also: Flutterwave acquires Ghana PSP license after expanding into Mozambique
Flutterwave’s Impact on Uganda’s Payment Landscape
The PSO licence in Uganda allows Flutterwave to offer various payment services, including sending and receiving payments, invoicing, API solutions, and payment links. These offerings are designed to cater to the diverse needs of Ugandan businesses, helping them streamline their payment processes and improve operational efficiency.
Flutterwave has established itself as a leading player in the African fintech space, having assisted over 1.5 million businesses in processing more than 630 million payments worth over $32 billion. The company’s robust payment infrastructure and innovative solutions have positioned it as a key enabler of financial inclusion and economic growth across the continent.
Commenting on the licence approval, Flutterwave’s founder and CEO, Olugbenga’ GB’ Agboola, highlighted it as a significant step towards realising the vision of a financially connected Africa. He expressed excitement about the opportunity to offer Flutterwave’s payment solutions to Ugandan businesses and help global enterprises expand into the country.
Oluwabankole Falade, Flutterwave’s Chief Regulatory Officer, reiterated the company’s dedication to meeting all regulatory requirements and fostering a strong partnership with the Bank of Uganda. He assured that Flutterwave’s services would be safe, secure, and beneficial for the people of Uganda.
Read also: Flutterwave lays off 24 employees amid strategic restructuring
Continued Expansion Across Africa
The PSO licence in Uganda is part of Flutterwave’s broader strategy to expand its operations across Africa. This licence follows recent acquisitions of payment licences in Mozambique and Ghana, further solidifying Flutterwave’s presence in the region.
In May 2024, Flutterwave received approval in principle for its payment aggregator licence from the Bank of Mozambique, allowing the company to expand its services in the country. Similarly, the Bank of Ghana granted Flutterwave a Payment Service Provider licence (Enhanced Category), enabling it to operate independently without relying on third-party services.
In addition to its expansion in Uganda, Flutterwave recently announced that its online merchants in Nigeria can now accept American Express payments. The company plans to extend this service to Tanzania, Rwanda, Ghana, and Uganda, further enhancing its payment ecosystem across the continent.
Flutterwave’s strategic expansions and continued innovation demonstrate its commitment to driving financial inclusion and transforming the digital payment landscape in Africa. As the company grows, it remains focused on providing secure, reliable, and accessible payment solutions that empower businesses and individuals across the continent.
