Flutterwave continues African expansion with payment systems licence acquisition in Uganda

Joy Agwunobi

African payments giant Flutterwave has secured a payment system operator licence from Uganda’s Central Bank, paving the way for the expansion of its payment solutions in the East African country.

The recent development, Flutterwave noted, is a strategic move that not only strengthens its presence in the African market but also aligns with its broader vision of driving digital financial inclusion and growth across the continent. The company’s continued expansion into new territories, as evidenced by its recent license approval in Ghana, also demonstrates its commitment to bringing seamless and secure payment experiences to various African markets.

The Ugandan digital payment sector, marked by a young and dynamic population, presents a prime opportunity for Flutterwave to pioneer the way in digital innovation and foster financial inclusion. With an estimated 78 percent of its citizens falling under the 35-year mark, the country is poised for accelerated growth in the digital payments sphere.

With its extensive knowledge of African markets and advanced technological capabilities, Flutterwave believes it is well-equipped to deliver a diverse range of payment solutions that are uniquely tailored to Uganda’s specific needs. Flutterwave stated its readiness to bridge the country’s economy with the global market by integrating mobile money, a crucial aspect of Uganda’s financial system, to cross-border payment solutions.

The licence will also help Flutterwave streamline fund transfers and payment collections across various customer segments and locations within Uganda, allowing businesses to enjoy efficient, reliable, and customised payment solutions through its platforms including Flutterwave for Business and SendApp.

Speaking on this development, Olugbenga Agboola, founder and CEO of Flutterwave, emphasised the company’s commitment to creating a financially interconnected Africa.

“Securing this licence in Uganda is a significant step toward realising our vision. We believe the future of Africa depends on our ability to connect its people, businesses, and economies through technology. We are excited to play a role in this journey, empowering Ugandan businesses and individuals to harness the potential of digital payments and drive inclusive growth,” Agboola stated.

Oluwabankole Falade, chief regulatory officer at Flutterwave, also expressed his view concerning the licensing. He remarked, “Obtaining this licence reinforces our position as a top payment technology provider in Africa. We are committed to complying with all regulatory standards and maintaining a robust partnership with the Bank of Uganda to ensure our services are secure, safe, and beneficial to the Ugandan people.”