Photo credit: Flutterwave
Flutterwave gets major boost to its operations in Uganda as it finally secures a Payment Systems Operator (PSO) license from the Bank of Uganda. This will enable businesses in the country to access its payment solutions.
This license will enable businesses in Uganda to make single and bulk payouts to suppliers, employees, and partners. This also means Ugandans in the diaspora can send money to their families.
Flutterwave announced the acquisition on its official website on 28th August, 2024 through its Product Marketing Manager, Rotimi Okungbaye.
“We are pleased to announce that we have secured the Payment Systems Operator (PSO) License from the Bank of Uganda. This significant milestone marks a pivotal moment for us as we continue to expand our payment solutions across Africa. Ugandan businesses will now have access to our suite of payment solutions, enabling them to collect payments from their customers in their preferred payment method. Also, businesses in Uganda can now easily make single and bulk payouts to their suppliers, employees, business partners etc.”
The payment solutions company also stated the receiving the PSO license put it under obligations to comply with all applicable laws and regulations in Uganda.
According to Flutterwave. Uganda’s growing digital economy, internet penetration, smartphone and mobile money adoption, and remittance inflows have proven to be irresistible incentives for its operations. Uganda posseses a vibrant digital landscape, offering immense potential for businesses and consumers.
Recent data from DataReportal shows that internet penetration in Uganda has experienced a 10.3% growth rate in the last year, with over 27% of the population connected to the internet. Also, the country’s mobile money adoption rate is among the highest in Africa, with over 54% of the population owning a mobile money account. According to Statista, Uganda had over 34 million registered mobile money accounts in 2022.
Flutterwave’s payment offerings in Uganda include sending and receiving payments, invoicing, API solutions, and payment links.
“We are excited about the opportunity to offer our payment solutions to Ugandan businesses and to help global enterprises expand into the country,” Flutterwave added.
Speaking on the license approval, Flutterwave’s founder and CEO, Olugbenga ‘GB’ Agboola, described it as a major milestone in achieving a financially connected Africa. Oluwabankole Falade, Flutterwave’s Chief Regulatory Officer, added that the company is dedicated to meeting all regulatory requirements and fostering a strong partnership with the Bank of Uganda to ensure its services are safe, secure, and beneficial for the Ugandan people.
The company boasts that it has helped over 1.5 million businesses process more than 630 million payments worth over $32 billion. The PSO licence in Uganda follows Flutterwave’s recent acquisition of payment licences in Mozambique and Ghana.In May 2024, the Bank of Mozambique granted Flutterwave approval-in-principle for its payment aggregator licence, allowing it to expand its operations in the country and provide its payment services in Mozambique.
The Bank of Ghana also granted Flutterwave a Payment Service Provider licence (Enhanced Category), enabling the company to operate independently without third-party services.
