Nigerian Fintech Flutterwave Secures PSO License from Bank of Uganda, Legitimizing It as an Operator 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.

Nigerian fintech Flutterwave has been granted a Payment Systems Operator (PSO) license by the Bank of Uganda, officially permitting it to operate in the East African nation.

With the PSO license, Flutterwave will be able to offer payout services for disbursing funds such as 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.

Recently, several African fintechs have been venturing into global markets, particularly in Asia. In September 2023, Flutterwave announced its entry into India through cross-border remittance partnerships with IndusInd Bank and engineering mobility collaboration with Capgemini.

Moreover, Flutterwave, which specializes in connecting global businesses to the disparate African markets, also deepened its integration with the key market United States by acquiring money transfer licenses in 13 different states.

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.