Nigerian fintech, Flutterwave, has secured a Payment Systems Operator (PSO) license from the Bank of Uganda, legitimizing it as an operater in the East African nation.
With the PSO license, Flutterwave will offer payout services for disbursing funds like salaries and commissions, invoicing solutions for easy tracking and payment collection, and mobile money integration to provide convenient and accessible payment options for Ugandans.
The license will also streamline fund transfers and payment collections across diverse customer segments and locations in Uganda, enabling businesses to benefit from efficient, reliable, and tailor-made payment solutions through either Flutterwave for Business or SendApp.
“Securing this license in Uganda is a significant step towards realising our vision of a financially connected Africa.
At Flutterwave, we believe that the future of Africa lies in its ability to seamlessly connect its people, businesses, and economies through technology. We are excited to contribute to this journey, empowering Ugandan businesses and individuals to harness the full potential of digital payments and drive inclusive growth.” said Olugbenga ‘GB’ Agboola, Founder & CEO of Flutterwave.
Flutterwave’s entry into Uganda follows its recent acquisitions of payment licenses in Ghana and Mozambique, further expanding its footprint and enhancing its ability to offer seamless and secure payments across the continent.
REGULATION | Flutterwave Receives Enhanced PSP License from Bank of Ghana
The Payment Service Provider license (Enhanced Category) allows Flutterwave to operate without the need for third-party services, streamlining payment processes for businesses and customers alike.
The… pic.twitter.com/bRvOHAA9tE
— BitKE (@BitcoinKE) August 3, 2024
Flutterwave has also not been left behind as some of Africa’s successful fintechs venture into global markets, particularly in Asia. Last September [2023], the company announced its entry into India via cross-border remittance partnerships with IndusInd Bank and engineering mobility collaboration with CapGemini.
Besides, Flutterwave, whose specialty lies in building the infrastructure to connect global business to the disparate African markets, also solidified its integration with key market United States in December 2023 by acquiring money transfer licenses in 13 different states.
REGULATION | African Fintech Unicorn, Flutterwave, Acquires 13 Licenses from United States in Continued Expansion
Fluterwave has been on an expansion drive across Africa and the world. The company is also in the process of launching USDC payment settlements in partnership… pic.twitter.com/B3dxmmNqmk
— BitKE (@BitcoinKE) December 14, 2023
The fintech firm is now able to cater to customers in a total of 29 U.S. states.
In October 2023, Fluterwave announced it would be launching USDC payment settlements in a partnership with the Hedera blockchain.
LAUNCH | Flutterwave to Integrate Payments Settlements with USDC Stablecoin on Hedera Blockchain – https://t.co/7pJSeUVvaJ
— Apollo (@Apollo19681011) October 9, 2023
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