- Flutterwave has secured a Payment Systems Operator (PSO) licence from the Bank of Uganda, enabling businesses in the country to access its payment solutions.
- With this licence, businesses in Uganda can now make single and bulk payouts to suppliers, employees, and partners. Additionally, Ugandans in the diaspora can send money to their families back home.
- Flutterwave highlighted that receiving the PSO licence means the payment company agrees to comply with all applicable laws and regulations in Uganda.
Flutterwave acknowledged Uganda’s growing digital economy, highlighting Internet penetration, smartphone and mobile money adoption, and remittance inflows.
Its payment offerings in Uganda include sending and receiving payments, invoicing, API solutions, and payment links.
The company boasts that it has helped over 1.5 million businesses process more than 630 million payments worth over $32 billion.
“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.
On the licensce approval, Flutterwave’s founder and CEO, Olugbenga ‘GB’ Agboola, highlighted 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 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.
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Flutterwave recently announced that its online merchants in Nigeria can now accept American Express payments, with plans to expand this service to Tanzania, Rwanda, Ghana, and Uganda.
