Flutterwave Expands Footprint in Africa, Secures Payment License in Uganda

• Aug 28, 2024

In a significant move, the leading African fintech company Flutterwave has announced that it has secured a Payment Systems Operator (PSO) license from the Bank of Uganda, allowing it to deepen its operations and support payments across the continent.

Flutterwave, known for its innovative payment solutions, believes that African businesses should have the resources and tools to seamlessly serve their customers worldwide. The acquisition of the Ugandan license is seen as a "giant step" towards achieving the company's vision of a financially connected Africa.

With a population of over 47 million, Uganda has witnessed rapid growth in its digital economy, driven by accelerated smartphone adoption and increased internet penetration. According to DataReportal, the country has recorded a 10.3% growth rate in internet penetration over the past year, with more than 27% of the population now connected to the internet.

Flutterwave's founder, Olugbenga Agboola, expressed his enthusiasm about the Uganda license, stating, "Securing this license in Uganda is a significant step towards realizing our vision of a financially connected Africa."

The license will not only enable Flutterwave to facilitate international transfers from the Ugandan diaspora, but it will also allow businesses in the country to leverage the company's secure and seamless payment framework, invoicing, API, and operational efficiency.

This expansion into Uganda comes as part of Flutterwave's broader strategy to deepen its footprint across Africa. The fintech firm has been making strides in various markets, including its recent integration with American Express, further solidifying its position as a key player in the continent's payment ecosystem.

The growth of Uganda's digital economy, coupled with Flutterwave's commitment to enabling African businesses to serve their customers globally, presents a promising opportunity for the company to contribute to the country's financial inclusion and economic development.

As Flutterwave continues to secure licenses and expand its operations across Africa, it remains a significant driver of the continent's fintech revolution, empowering businesses and individuals with innovative payment solutions that are transforming the way transactions are conducted in the region.

This latest development in Uganda is a testament to Flutterwave's strategic vision and its dedication to building a financially interconnected Africa, where businesses and consumers can seamlessly engage in cross-border commerce and transactions.