Flutterwave has announced that it has secured a licence to operate in Uganda, deepening its ability to support payment on the continent.
The firm said, “We believe African businesses should have the resources and solutions to seamlessly serve their customers wherever they are in the world. Today, we have taken another giant step towards achieving our vision. We are excited to announce that we have secured the Payment Systems Operator (PSO) License from the Bank of Uganda.”
The payment firm added that the license would also enable it to facilitate international transfers from the diaspora into Uganda in partnership with other operators.
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With a population of over 47 million, Uganda has seen its digital economy grow rapidly owing to accelerated smartphone adoption and increased internet penetration. According to data from DataReportal, internet penetration in Uganda has steadily risen, recording a 10.3 percent growth rate in the last year, with over 27 percent of the population connected to the internet.
Advancements in mobile technology and affordable internet plans have fuelled this growth. Olugbenga Agboola, Founder of Flutterwave, noted, “Securing this license in Uganda is a significant step towards realising our vision of a financially connected Africa.”
The firm added businesses can now leverage its secure and seamless payment framework and operational efficiency in Uganda.
“With our invoicing, API, and payment solutions, businesses can now enjoy Flutterwave’s secure and seamless payment framework as well as operational efficiency in Uganda,” it stated.
