Flutterwave Secures Payment Systems Operator License in Uganda

06 Sep 2024

Flutterwave, the Nigerian payment gateway provider, has announced that it has secured the Payment Systems Operator (PSO) License from the Bank of Uganda. This development marks a significant milestone for the company as it continues its expansion across the continent. With this new license, Flutterwave is set to provide Ugandan businesses with access to its comprehensive suite of payment solutions, further solidifying its presence in Africa’s rapidly growing digital economy.

Rotimi Okungbaye, Manager of Product Marketing at Flutterwave, expressed the company's enthusiasm about this achievement, stating, “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.”

The PSO license allows Flutterwave to offer a wide range of services to Ugandan businesses, including seamless payment collections, efficient single and bulk payouts, invoicing, and robust API solutions. Additionally, the company can now facilitate remittance inflows, providing a crucial service for the over 874,000 Ugandans residing abroad.

Uganda, with a population of over 47 million, is experiencing significant growth in its digital economy, driven by increasing internet penetration and mobile money adoption. The country’s mobile money adoption rate is among the highest in Africa, with over 34 million registered accounts as of 2022. This growing digital landscape presents substantial opportunities for businesses, particularly in the fintech sector.

“Uganda’s rapidly growing digital economy, fueled 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,” Okungbaye added.

Flutterwave’s entry into the Ugandan market comes at a time when the country is witnessing a surge in digital transactions. According to the National Financial Inclusion Strategy (2023-2028), Uganda received approximately $1.1 billion in remittances in 2021, highlighting the importance of efficient and reliable payment systems.

With the PSO license in hand, Flutterwave is poised to become a key player in Uganda’s digital payments ecosystem, offering businesses a secure and seamless way to process transactions. The company’s commitment to compliance with industry security standards, including PA-DSS, PCI-DSS, and ISO certifications, ensures that businesses and their customers are protected on the platform.

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