Flutterwave Expands Africa Reach with New Payment Licence in Uganda
TLDR
- Flutterwave obtains Payment Systems Operator license from Bank of Uganda, enabling Ugandan businesses to leverage its payment solutions, facilitating single and bulk payouts.
- Ugandans in the diaspora can now conveniently send money back home through Flutterwave's services.
- Flutterwave expands services to allow online merchants in Nigeria to accept American Express payments, with plans for further expansion in Tanzania, Rwanda, Ghana, and Uganda.
Africa's largest fintech startup Flutterwave has obtained a Payment Systems Operator (PSO) license from the Bank of Uganda, allowing businesses in the country to access its payment solutions.
With this license, Ugandan businesses can now facilitate single and bulk payouts to suppliers, employees, and partners, while Ugandans in the diaspora can send money back home through Flutterwave.
The company also recently expanded its services, allowing online merchants in Nigeria to accept American Express payments, with plans to introduce this feature in Tanzania, Rwanda, Ghana, and Uganda.
Key Takeaways
With the expansion, Flutterwave looks to tap into Uganda's growing digital economy, which is characterized by increasing Internet penetration, smartphone usage, mobile money adoption, and remittance inflows. The company claims to have enabled over 1.5 million businesses to process more than 630 million payments, totaling over $32 billion.
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