Flutterwave has received a Payment Systems Operator (PSO) license from the Bank of Uganda, the fintech said in a statement on Wednesday.
According to the company, the PSO license allows it to “offer payout services for disbursing funds like salaries and commissions, invoicing solutions for easy tracking and payment collection, and mobile money integration to provide convenient and accessible payment options for Ugandans.”
Founded in 2016, the company recently acquired similar licenses in Mozambique, Malawi and Ghana, as it seeks to expand its footprint on the continent. Headquartered in Lagos and San Fransisco, the company, which is one of Africa’s unicorns, has also been preparing for an initial public offering amidst multiple controversies in recent years.
The company’s current investors include Tiger Global, Y-Combinator, Visa Ventures, Avenir Growth Capital, and MasterCard. It currently holds licenses in over 35 countries on the continent, but has faced headwinds in some markets such as Kenya.
“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,” Oluwabankole Falade, Chief Regulatory Officer at Flutterwave, said.
In Uganda, Flutterwave joins a competitive market with tens of other licensed operators including MTN MoMo, Chipper, Pesapal, SafeBoda, m-cash, and others.
