Flutterwave, a leading African fintech company, has taken another significant step in its pan-African expansion by securing a Payment Systems Operator (PSO) license from the Bank of Uganda. This new license marks the company’s entry into Uganda, following recent similar approvals in Ghana and Mozambique, further cementing Flutterwave’s presence across the continent.
Flutterwave is an American fintech company founded in 2016 by Iyinoluwa Aboyeji, Olugbenga Agboola, and Adeleke Adekoya, headquartered in San Francisco, California. The company provides payment infrastructure for global merchants and payment service providers, with operations in the U.S., Canada, Nigeria, Kenya, Uganda, Ghana, South Africa, and 29 other African countries. In 2021, Flutterwave raised $170 million in a Series C funding round, making it Africa’s largest tech startup by valuation at the time and giving it a valuation of over $1 billion. In 2022, the company secured a $250 million Series D funding round, raising its valuation to over $3 billion. Flutterwave has launched products like Send App, an African-focused remittance service, and formed partnerships, including broadcasting the 2021 Africa Cup of Nations with AfroSport Network and collaborating with Nigeria’s EFCC to address cybercrime. In 2024, Flutterwave announced plans for an IPO, expanded its services into Ghana, and joined the Milken Institute’s Africa Leaders Business Council.
Strategic Move into Uganda’s Growing Digital Economy
Uganda represents a key market for Flutterwave, driven by the country’s rapidly growing digital economy. With increasing internet penetration—recent data shows a 10.3% growth over the past year—and widespread mobile phone usage, Uganda’s digital landscape is ripe for innovation. Additionally, Uganda is one of Africa’s leaders in mobile money adoption, with over 54% of the population owning a mobile money account, making it a strategic addition to Flutterwave’s African operations.
Empowering Ugandan Businesses and Consumers
The PSO license allows Flutterwave to offer a suite of payment solutions tailored to the Ugandan market. Businesses can now seamlessly process payments via mobile money, bank transfers, and card payments, simplifying financial operations and facilitating both local and international transactions. For Ugandan businesses, this means easier management of payouts to suppliers, employees, and partners through platforms like Flutterwave for Business and SendApp.
Flutterwave’s services are also expected to enhance the remittance landscape in Uganda. As one of Africa’s top recipients of remittances, Uganda receives approximately USD 1.1 billion annually. Flutterwave’s entry into the market will likely boost the efficiency and cost-effectiveness of these vital money transfers, helping Ugandans abroad send money home with ease.
Commitment to Regulatory Compliance and Security
Flutterwave’s Chief Regulatory Officer, Oluwabankole Falade, emphasized the company’s dedication to meeting all regulatory requirements in Uganda. “Securing this license further solidifies our position as a leading payment technology provider in Africa. We are committed to maintaining a strong partnership with the Bank of Uganda to ensure our services are safe, secure, and beneficial for the Ugandan people.”
Flutterwave’s entry into Uganda is seen as a significant milestone in the company’s mission to create a financially connected Africa. Founder and CEO Olugbenga ‘GB’ Agboola highlighted the importance of this move, stating, “At Flutterwave, we believe the future of Africa lies in its ability to seamlessly connect people, businesses, and economies through technology. We are excited to contribute to Uganda’s digital transformation and support the growth of its businesses and individuals.”
A Growing African Footprint
Uganda joins a growing list of African countries where Flutterwave operates, including Nigeria, Kenya, South Africa, Ghana, and Mozambique. This expansion is part of Flutterwave’s broader strategy to provide accessible and reliable payment services across the continent, ensuring that businesses and consumers alike can thrive in an increasingly digital world.
As Uganda continues its journey towards digital transformation, Flutterwave’s presence is poised to play a crucial role in fostering financial inclusion and connecting the country to the broader global market. With this new PSO license, Flutterwave is set to empower Ugandan businesses and individuals, driving inclusive growth and economic development in the region.
Disclaimer: The information provided herein is for informational purposes only and does not constitute legal, financial, or investment advice.
