Olugbenga Agboola, founder and CEO of Flutterwave.

Global Pay-Tech Flutterwave has expanded its operations into Uganda, taking another critical step toward supporting financial inclusion across Africa. 

The Bank of Uganda this week gave the unicorn firm a Payments System Operator (PSO) license, expanding its reach to 29 African countries.

Olugbenga Agboola, Founder and CEO of Flutterwave, pointed out that the latest breakthrough contributes to the path of enabling African firms to realise their potential growth through digital payments.

“Let's connect Africa, one transaction at a time. At Flutterwave we believe that the future of Africa lies in its ability to seamlessly connect its people, businesses, and economies through technology. This is why we have secured a Payment Systems Operator license from the Bank of Uganda,” said Agboola.

Securing the Uganda license is a critical step for the pay-tech firm as it seeks to spread its payment solutions across Africa.

Ugandan businesses will now have access to Flutterwave's portfolio of payment options, allowing them to receive payments from clients.

Furthermore, this license allows the East African country's firms to make single and bulk payments to suppliers, employees, and business partners.

“Our PSO license positions us to significantly impact Uganda’s rapidly growing digital payment space,” said the Flutterwave founder.

This comes as Uganda's digital economy has grown significantly in recent years as a result of increased internet penetration and smartphone use. With a population of 47 million, the country has a thriving digital ecosystem that presents enormous opportunities for businesses and consumers.

It has experienced an impressive 10.3% growth rate in the last year, with more than 27% of the country's population linked to the Internet.

In addition, Uganda has one of the highest mobile money adoption rates in Africa, with more than 54% of Ugandans possessing a mobile money account. With a stunning $1.1 billion recorded in 2021, the country is one of Africa's top beneficiaries of remittance inflows.