San Francisco and Lagos-based fintech giant Flutterwave, led by Nigerian multimillionaire tech entrepreneur Olugbenga Agboola, has secured a Payment Systems Operator (PSO) license from the Bank of Uganda. This strategic move marks a key step in Flutterwave's expansion across Africa, adding Uganda to its growing network.
Flutterwave's new PSO license in Uganda comes after its recent acquisition of an Enhanced Category Payment Service Provider License from the Bank of Ghana. This license allows Flutterwave to provide a range of financial services in Uganda, including salary and commission payouts, invoicing solutions, and mobile money integration. The move is expected to enhance financial transactions in Uganda, offering businesses advanced tools through Flutterwave for Business and SendApp.
Uganda's digital payment revolutionUganda's digital payment sector is on the cusp of transformation, driven by its remarkably young population, with a staggering 78 percent of citizens under the age of 35. This demographic dividend presents a fertile ground for economic growth, as financial inclusion and digital innovation converge to unlock new opportunities for prosperity.
"Securing this license in Uganda is a significant step towards realizing our vision of a financially connected Africa," said Olugbenga Agboola, Founder CEO of Flutterwave. "We believe that Africa's future lies in its ability to seamlessly connect its people, businesses, and economies through technology. We're excited to empower Ugandan businesses and individuals to fully leverage digital payments for inclusive growth."
