Flutterwave Secures PSO License In Uganda

Payment technology company, Flutterwave, has recently secured a Payment Systems Operator (PSO) license from the Bank of Uganda, marking its entry into Uganda’s digital payment space.

Securing a Payment Systems Operator (PSO) license from the Bank of Uganda is yet another achievement for Flutterwave, a player in the fintech scene in Africa. With this decision, the company expands its list of countries throughout the continent and gains access to new markets in Uganda.

The Uganda license adds to Flutterwave’s growing list of operations across Africa, including Mozambique, Ghana, Nigeria, Kenya, and South Africa. This expansion reflects the company’s strategic focus on providing seamless payment services in key markets. Uganda, with its young and vibrant population—78 percent under the age of 35—is ripe for digital innovation. This demographic offers a unique chance to boost economic growth through greater financial inclusion, and Flutterwave’s entry into the market seems well-timed to meet this need.

Since its inception in 2016, Flutterwave has become a key player in the Africa’s digital economy, focusing on simplifying payments and meeting the diverse needs of various markets across the continent. In Uganda, where mobile phones serve as the primary tool for financial transactions, Flutterwave’s mobile money integration is set to resonate deeply with the local population, connecting businesses to the global market in an unprecedented way.

The new PSO license allows Flutterwave to offer a variety of services tailored to the Ugandan market. From facilitating payouts like salaries and commissions to providing invoicing solutions and integrating mobile money. The license also simplifies the process of transferring funds and collecting payments, helping businesses operate more smoothly through platforms like Flutterwave for Business or SendApp.

“Securing this license in Uganda is a significant step towards realising 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,” Olugbenga ‘GB’ Agboola, Flutterwave’s Founder and CEO, said expressing the company’s excitement about this new chapter in Uganda.

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.”

For those in Uganda looking to use Flutterwave, specific requirements must be met depending on the type of account. These include national ID cards, business registration documents, and, where applicable, a verified website URL. These steps are designed to ensure that the platform remains secure and trustworthy for all users.

Uganda’s journey toward digital transformation has had its ups and downs, as reflected in its varying rankings in the Global Innovation Index. As Flutterwave embeds itself in the Ugandan market, it’s set to play a crucial role in this ongoing transformation, helping to create a more connected and financially inclusive future for the country.