Nigerian tech mogul Olugbenga Agboola’s Flutterwave secures license in Uganda

Timilehin Adejumobi -

Key Points

  • The fintech giant obtains a Payment Systems Operator license from the Bank of Uganda, boosting its African expansion strategy.
  • The PSO license enables Flutterwave to offer salary payouts, invoicing solutions, and mobile money integration, enhancing financial transactions.
  • Valued at $3.2 billion, Flutterwave remains Africa’s top tech startup, despite a recent 30-employee reduction, focusing on remittances and enterprise solutions.

San Francisco and Lagos-based fintech giant Flutterwave, led by Nigerian multimillionaire tech entrepreneur Olugbenga Agboola, has secured a Payment Systems Operator (PSO) license from the Bank of Uganda. This strategic move marks a key step in Flutterwave’s expansion across Africa, adding Uganda to its growing network.

Flutterwave’s new PSO license in Uganda comes after its recent acquisition of an Enhanced Category Payment Service Provider License from the Bank of Ghana. This license allows Flutterwave to provide a range of financial services in Uganda, including salary and commission payouts, invoicing solutions, and mobile money integration. The move is expected to enhance financial transactions in Uganda, offering businesses advanced tools through Flutterwave for Business and SendApp.

Uganda’s digital payment revolution

Uganda’s digital payment sector is on the cusp of transformation, driven by its remarkably young population, with a staggering 78 percent of citizens under the age of 35. This demographic dividend presents a fertile ground for economic growth, as financial inclusion and digital innovation converge to unlock new opportunities for prosperity.

“Securing this license in Uganda is a significant step towards realizing our vision of a financially connected Africa,” said Olugbenga Agboola, Founder & CEO of Flutterwave. “We believe that Africa’s future lies in its ability to seamlessly connect its people, businesses, and economies through technology. We’re excited to empower Ugandan businesses and individuals to fully leverage digital payments for inclusive growth.”

Oluwabankole Falade, Chief Regulatory Officer at Flutterwave, added, “This license solidifies our position as a leading payment technology service provider in Africa. We are committed to upholding all regulatory requirements and maintaining a strong relationship with the Bank of Uganda to ensure our services remain secure and beneficial to the Ugandan population.”

Flutterwave’s $3.2 billion valuation and fintech leadership

Founded in 2016, Flutterwave has become a front-runner in Africa’s ongoing payment revolution. The leading fintech company, headquartered in both San Francisco and Lagos, stands as a significant success story within the continent’s burgeoning fintech space.

Under Agboola’s leadership, Flutterwave now processes payments in over 30 currencies across 40 countries. Recently, the company obtained an Enhanced Category Payment Service Provider License from the Bank of Ghana, further streamlining its operations and enhancing payment efficiency. Additionally, Flutterwave has partnered with Nigeria’s Economic and Financial Crimes Commission (EFCC) to establish a Cybercrime Research Center, aimed at combating internet fraud and bolstering transaction security.

With a valuation of $3.2 billion as of May, Flutterwave remains Africa’s most valuable tech startup, despite a recent workforce reduction of approximately 30 employees. The company continues to focus on its core revenue drivers, including remittances and enterprise solutions, as it advances its ambitious growth strategy.