Flutterwave Advances African Digital Payments in Uganda with PSO License Acquisition

Flutterwave, a leading African fintech company, has recently partnered with American Express to expand online payment options in Nigeria. This partnership is part of Flutterwave's broader vision to empower African businesses to operate globally, facilitating seamless payments anywhere in the world. In line with this vision, Flutterwave has secured a Payment Systems Operator (PSO) license from the Bank of Uganda, marking a major step forward in its mission to revolutionize digital payments across Africa.

The acquisition of the PSO license is a significant milestone for Flutterwave as it continues its expansion across the continent. This license allows Ugandan businesses to access Flutterwave's comprehensive suite of payment solutions, enabling them to collect payments through various methods preferred by their customers. Additionally, Ugandan businesses can now make both single and bulk payouts to suppliers, employees, and business partners with ease.

The PSO license also opens new opportunities for Ugandans living abroad, allowing them to send money home more conveniently. Flutterwave's commitment to complying with local regulations and contributing to Uganda's digital payments ecosystem has been recognized by the Bank of Uganda, further solidifying the company's role in the region's financial landscape.

Why Flutterwave is Investing in Uganda

Flutterwave's expansion into Uganda is strategic, given the country's rapidly growing digital economy. Uganda's digital landscape has seen remarkable growth, driven by increasing internet penetration, which has risen by 10.3% over the past year, with more than 27% of the population now connected. The widespread adoption of mobile technology and affordable internet plans have been key contributors to this growth.

Moreover, Uganda's mobile money adoption rate is among the highest in Africa, with over 54% of the population owning a mobile money account. In 2022, the country had more than 34 million registered mobile money accounts, according to Statista. Uganda also ranks as one of Africa's top recipients of remittance inflows, receiving approximately $1.1 billion in 2021, with over 874,000 Ugandans living abroad.

By entering the Ugandan market, Flutterwave is poised to make a substantial impact on the country's digital payments sector, leveraging its innovative solutions to support businesses and individuals in this vibrant and growing economy.

Source: Flutterwave