Pay service providers increases to 34

Kampala, Uganda | THE INDEPENDENT | Uganda’s digital payment landscape is rapidly evolving, with the number of licensed national payment service providers increasing to 34, following the Bank of Uganda’s approval of Californian -based fintech giant Flutterwave.

This marks a significant milestone in Uganda’s financial sector, which has seen a sharp rise in licensed payment firms since May 2021, when only MTN Mobile Money Uganda and Airtel Mobile Commerce Uganda Ltd held such licenses.

Bank of Uganda statistics reveal that the surge in licensing reflects the growing demand for digital commerce solutions across the country. The demographic makeup of Uganda—a youthful and vibrant population with over 78% under the age of 35— further presents a fertile ground for digital innovation and economic growth driven by enhanced financial inclusion.

With its newly acquired license, Flutterwave is set to offer a range of services designed to streamline financial operations for Ugandan businesses and individuals. These services include payout solutions for disbursing salaries and commissions, invoicing tools for easy tracking and payment collection, and mobile money integration to provide convenient payment options across the country.

In addition, Flutterwave’s solutions aim to enhance fund transfers and payment collections, benefiting businesses through efficient, reliable, and customized payment options available via Flutterwave for Business or SendApp.

Olugbenga ‘GB’ Agboola, Founder & CEO of Flutterwave, said: “Securing this license in Uganda is a significant step towards realizing 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,” he said.

Oluwabankole Falade, Chief Regulatory Officer at Flutterwave, reinforced the company’s commitment to regulatory compliance and safety, adding, “The acquisition of this license further solidifies our standing as a leading payment technology service provider in Africa.

We are deeply committed to adhering to all regulatory requirements and maintaining a strong relationship with the Bank of Uganda to ensure our services remain safe, secure, and beneficial to the Ugandan people.”

Flutterwave’s entry into Uganda follows its recent expansion into Ghana and Mozambique, where it also secured payment licenses, further cementing its presence across the continent and enhancing its ability to provide seamless and secure payment solutions.