In an exciting development for Africa’s fintech landscape, Flutterwave has achieved a significant milestone by obtaining the Payment Systems Operator (PSO) License from the Bank of Uganda. This achievement represents a major step forward in Flutterwave’s mission to empower African businesses to thrive globally by making and accepting payments seamlessly.
A New Chapter for Ugandan Businesses
With the PSO License now in hand, Flutterwave is set to transform how Ugandan businesses manage their payment processes. By providing access to Flutterwave’s comprehensive suite of payment solutions, businesses in Uganda can effortlessly receive payments from customers using their preferred methods, whether through debit and credit cards, mobile money, or bank transfers. This move promises to streamline operations, enhance customer satisfaction, and support business growth.
Furthermore, the license will enable businesses to make both single and bulk payouts to suppliers, employees, and business partners efficiently. Flutterwave’s entry into the Ugandan market will not only benefit local businesses but also pave the way for Ugandans living abroad to send money back home easily and securely.
Why Uganda is the Next Big Market for Digital Payments
Uganda’s digital economy is on the rise, driven by increased internet penetration and widespread use of smartphones. With a population of over 47 million people, the country presents a vibrant and promising market for digital payments. Recent statistics show that internet usage in Uganda has grown by 10.3% in the past year, with more than 27% of the population now online. The surge in mobile technology and affordable internet packages has fueled this growth, making Uganda a fertile ground for fintech innovation.
Additionally, Uganda boasts one of the highest mobile money adoption rates in Africa, with over 54% of the population owning mobile money accounts. In 2022 alone, the country had more than 34 million registered mobile money accounts, highlighting the massive potential for digital payment solutions. Uganda is also a top destination for remittances, receiving about $1.1 billion in 2021 from Ugandans abroad, further emphasizing the importance of robust, efficient, and secure payment systems.
Unlocking Opportunities for Businesses to Expand into Uganda
For global businesses eyeing expansion into Africa, Flutterwave’s presence in Uganda provides a reliable and efficient way to navigate the complexities of digital payments. With the PSO License, Flutterwave stands as a trusted partner for companies looking to tap into Uganda’s burgeoning market, offering seamless payment integration, compliance with local regulations, and unmatched security standards.
Uganda’s dynamic digital economy, youthful population, and growing acceptance of digital payments make it an attractive destination for businesses seeking to expand their footprint in Africa. With Flutterwave’s support, businesses can focus on growth and innovation, confident that their payment processes are in capable hands.
The Future of Payments in Uganda with Flutterwave
Flutterwave’s suite of payment solutions offers numerous benefits, including:
- Seamless Payment Collection: Accept local and international payments easily through multiple methods.
- Efficient Payouts: Disburse payments to employees, suppliers, and partners quickly and securely.
- Invoicing and Payment Links: Create professional invoices and secure payment links for recurring and one-time payments.
- API Integration: Embed Flutterwave’s robust payment solutions directly into websites and applications.
- Dashboard Management: Monitor transactions, generate reports, and collaborate with team members through the intuitive Flutterwave Dashboard.
Flutterwave is committed to supporting Uganda’s digital transformation and financial inclusion goals, aligning with the country’s National Financial Inclusion Strategy (2023-2028). By partnering with the Bank of Uganda, Flutterwave aims to enhance access to digital payments, bridge the financial inclusion gap, and empower businesses and consumers alike.
