Flutterwave has obtained a Payment Systems Operator (PSO) license from the Bank of Uganda, a significant milestone that marks a pivotal moment for the fintech company as it continues to expand its payment solutions across Africa.
“Receiving this license shows we are committed to complying with all applicable laws and regulations in Uganda,” said Rotimi Okungbaye, Product Marketing Manager at Flutterwave. “We are grateful to the Bank of Uganda for their trust and vote of confidence in our ability to contribute to the growth and development of Uganda’s digital payments ecosystem.”
The PSO license allows businesses access to Flutterwave’s comprehensive suite of payment solutions, enabling them to collect payments from their customers in their preferred payment method, facilitating seamless transactions, and enhancing financial inclusion. In addition, the license allows Flutterwave in partnership with other licensed players to allow Ugandans in the diaspora to send money to their loved ones, friends, business partners, etc back home.
Okungbaye noted that the now-acquired license opens doors for previously hesitant businesses to finally expand their business operations into Uganda, knowing payment is one less thing to worry about while growing their business. “One more reason we are excited about this license is because it solidifies our position as a trusted partner for global businesses looking to enter or expand their operations in Uganda.”
Uganda’s rapidly growing digital economy fuelled by a youthful population and a growing acceptance of digital payments, presents a great opportunity for large businesses seeking to widen their reach in Africa. Uganda’s favorable business environment, coupled with a rising middle class, also offers significant potential for business growth.
Flutterwave has been a key player in Africa’s fintech revolution, providing innovative payment solutions to businesses and individuals across Africa. The acquired PSO license from the Bank of Uganda aligns with the fintech company’s strategic goal to support local businesses and contribute to the digital economy’s growth in the region.
Flutterwave’s expansion into Uganda is part of its broader strategy to increase its footprint across Africa, offering tailored solutions that meet the diverse payment needs of the continent’s businesses and consumers.
See also: Bank of Uganda grants NALA IMTO licence
