Flutterwave, a San Francisco and Lagos-based fintech company run by Nigerian multimillionaire tech entrepreneur Olugbenga Agboola, has received a Payment Systems Operator (PSO) license from the Bank of Uganda. This strategic move is a significant step forward in Flutterwave’s expansion across Africa, as it adds Uganda to its growing network.
Flutterwave’s new PSO license in Uganda follows its recent acquisition of an Enhanced Category Payment Service Provider License from the Bank of Ghana. This license enables Flutterwave to offer a variety of financial services in Uganda, including as salary and commission payments, invoicing solutions, and mobile money integration. The move is expected to improve financial transactions in Uganda by providing enhanced tools to businesses via Flutterwave for Business and SendApp.
Uganda’s digital payment sector is on the verge of transformation, fueled by its remarkably young population, with 78 percent of inhabitants under the age of 35. This demographic dividend provides fertile ground for economic growth, as financial inclusion and technology innovation come together to provide new prospects for success.
“Securing this license in Uganda is a significant step towards realizing our vision of a financially connected Africa,” stated Olugbenga Agboola, Flutterwave’s Founder and CEO. “We think that Africa’s future depends on its capacity to seamlessly connect its people, businesses, and economies via technology. We’re pleased to help Ugandan businesses and individuals fully utilize digital payments for inclusive growth.”
Oluwabankole Falade, Flutterwave’s Chief Regulatory Officer, stated, “This license strengthens our position as Africa’s premier payment technology service provider. We are committed to adhering to all regulatory standards and having a solid partnership with the Bank of Uganda to guarantee that our services remain secure and useful to the Ugandan people.”
Flutterwave, founded in 2016, has emerged as a frontrunner in Africa’s current financial revolution. The premier fintech company, with headquarters in both San Francisco and Lagos, is a major success story in the continent’s booming fintech sector.
Under Agboola’s leadership, Flutterwave now accepts payments in over 30 currencies across 40 countries. The company now holds an Enhanced Category Payment Service Provider License from the Bank of Ghana, allowing for more efficient payment processing. Flutterwave collaborated with Nigeria’s Economic and Financial Crimes Commission (EFCC) to create a Cybercrime Research Center to prevent internet fraud and improve transaction security.
Despite a recent headcount cut of around 30 employees, Flutterwave is still Africa’s most valuable digital business, valued at $3.2 billion in May. As it pursues its ambitious expansion strategy, the company remains focused on its key revenue sources, such as remittances and enterprise solutions.
