Flutterwave (www.Flutterwave.com), a leading payments technology company, has received a Payment Systems Operator (PSO) license from the Bank of Uganda. This marks a key milestone in Flutterwave’s expansion across Africa, adding Uganda to its growing list of countries where it operates. 

Uganda’s digital payment landscape is transforming, driven by a youthful and vibrant population — over 78% (https://apo-opa.co/3AHL6ti) of its citizens are under the age of 35. This demographic presents an unprecedented opportunity to advance economic growth through enhanced financial inclusion and digital innovation.  

Founded in 2016, Flutterwave has emerged as a cornerstone of Africa’s digital economy, with a mission to simplify payments for endless possibilities. Leveraging its advanced technology and deep understanding of African markets, Flutterwave offers a comprehensive suite of payment solutions tailored to the country’s unique needs. From mobile money integration — crucial for Uganda’s predominantly mobile-first population — to seamless cross-border payment capabilities, Flutterwave is uniquely positioned to bridge the gap between Uganda and the global economy. 

With the PSO license, Flutterwave will 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. The license will also streamline fund transfers and payment collections across diverse customer segments and locations in Uganda, enabling businesses to benefit from efficient, reliable, and tailor-made payment solutions through either Flutterwave for Business or SendApp. 

Commenting on the license approval, Olugbenga ‘GB’ Agboola, Founder&CEO of Flutterwave, said, “Securing this license in Uganda is a significant step towards realising 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.” 

Oluwabankole Falade, Chief Regulatory Officer at Flutterwave, added: “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 acquisitions of payment licenses in Ghana and Mozambique, further expanding its footprint and enhancing its ability to offer seamless and secure payments across the continent. 

Distributed by APO Group on behalf of Flutterwave.

For additional information on Flutterwave or interview requests, please contact Hudson Sandler at flutterwave@hudsonsandler.com 

About Flutterwave 
Flutterwave is the leading payments technology company that enables businesses worldwide to expand their operations in Africa and other emerging markets through a platform that enables local and cross-border transactions via one Application Programming Interface (API). Flutterwave has processed over 630M transactions in excess of USD $31B and serves global and African customers like Uber, Air Peace, Bamboo, PiggyVest, and across various industries. The company’s key advantage is connecting businesses to various local and international payment types to enable them to expand globally. It also enables cross-border transactions from the diaspora to African countries via its SendApp product. Flutterwave processes payments via multiple payment modes, including local and international cards, mobile wallets, bank transfers, and Google Pay. The company has an infrastructure reach in 34 African countries. For more information on Flutterwave’s journey, please visit www.Flutterwave.com. 

Chinese foreign direct investment in Africa has increased significantly in recent years as Beijing strengthens its global trade and credit lines. Programs such as the Belt and Road Initiative – a China-led global infrastructure initiative – have seen up to $21.7 billion invested in Africa in 2023 alone while together, state-owned China National Offshore Oil Corporation (CNOOC), China National Petroleum Corporation and China Petroleum&Chemical Corporation represent the fourth-largest energy investors on the continent. As new opportunities in upstream hydrocarbon development, regional infrastructure and downstream processing unfold, China’s project portfolio in Africa is expected to substantially grow.

Given emerging opportunities for Chinese investors in Africa, the African Energy Chamber (AEC) – serving as the voice of the African energy sector – will conduct a working visit to China under efforts to promote new investment and global partnerships. A delegation led by AEC Executive Chairman NJ Ayuk will hold bilateral meetings with Chinese government officials and the private sector, with discussions centering around investment opportunities, bankable projects and China’s emerging role in Africa’s upstream, midstream and downstream sectors.

China’s Growing Energy Presence in Africa

Already boasting a strong presence in Africa’s mineral and renewable energy sectors, Chinese state-owned and private companies are turning their attention to developing African oil and gas resources. Wing Wah, a Chinese oil and gas company, is pioneering a comprehensive project in the Republic of Congo, designed to optimize resource monetization and promote the use of natural gas. The Bango Kayo project features a innovative development model for the Bango Kayo oilfield, extending production beyond the initial block lifecycles and harnessing previously flared gas. Through three phases, Wing Wah will incrementally enhance gas processing and valorization capabilities to produce LNG, butane, and propane. The primary focus is on meeting domestic demand, with surplus gas exported globally, positioning the project as a key contributor to the country’s energy landscape.

In Angola, China has invested just shy of $14 billion in the past decade, the majority of which in energy. At present, Chinese companies are advancing the development of refining projects while seeking new opportunities in upstream oil and gas. Earlier this year, a group of executives from CNOOC travelled to Angola to discuss investment opportunities in oil exploration. CNOOC is assessing an investment in Angola’s Block 24, a deepwater concession with promising potential. Construction firm China National Chemical Engineering also signed an MoU with Angola’s national oil company Sonangol in 2023 for the development of the 200,000 barrel per day Lobito Refinery – poised to be the country’s biggest.

In East Africa, CNOOC is developing the East African Crude Oil Pipeline in partnership with energy major TotalEnergies and the respective national oil companies of Uganda and Tanzania. Designed to transport crude from the Kingfisher and Tilenga oilfields in Uganda to Tanzania’s Port of Tanga, the 1,443-km pipeline is estimated to cost $5 billion. Of this, the project partners have already raised $2 billion and the Ugandan and Tanzanian governments are seeking an additional $3 billion in debt financing – primarily from Chinese lenders such as the Export-Import Bank of China and the China Export&Credit Insurance Corporation. Meanwhile, CNOOC is partnering with the Tanzania Petroleum Development Corporation to explore deep-sea Blocks 4/1B and 4/1C while holding talks with South Sudan to boost output at Blocks 3 and 7 in the Paloch fields. In West Africa, the company launched wildcat drilling in Gabon’s Blocks BC-9 and BCD-10 in 2023 and renewed its production sharing contract with the Nigerian National Petroleum Corporation and TotalEnergies for OML 130.

“As Africa’s pipeline of bankable oil and gas projects grows, Chinese investors are bound to play an even greater role in supporting development across the industry. Leveraging strong multilateral ties established under programs such as the Belt and Road Initiatives, Chinese companies are gradually emerging as the partners of choice for upcoming oil and gas projects in Africa. From upstream exploration to downstream infrastructure to power and manufacturing industries, Chinese companies can catalyze development as Africa aims to make energy poverty history by 2030,” states Ayuk.

The AEC’s working visit to China comes ahead of the African Energy Week (AEW): Invest in African Energy conference – Africa’s largest energy event, taking place November 4 – 8 in Cape Town. Amid China’s growing investment portfolio in Africa, AEW: Invest in African Energy serves to connect Chinese investors and project developers with African opportunities, fostering a new era of partnerships that drive projects forward. During the event, presentations, panel discussions and investor forums focus on bankable projects across the energy value chain in Africa, providing the information needed to advance investments.

Distributed by APO Group on behalf of African Energy Chamber.

AEW: Invest in African Energy is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event.

Pan-African finance institution the African Export-Import Bank (Afreximbank) (apo-opa.co/4767rgi) recently announced that it will provide $650 million in funding for multinational energy company Oando Plc’s acquisition of exploration and production company the Nigerian Agip Oil Company. The loan includes a senior and junior reserved-based lending facility to the tune of $500 million and $150 million, respectively, and will see Oando Plc acquire 100% of the shareholding interest in the Nigerian company from energy supermajor Eni. 

Representing one of Africa’s biggest financiers and trade facilitators, Afreximbank is committed to advancing energy security and sustainable investment across the African continent. The financial services provider plays an important part in getting large-scale projects off the ground while contributing to the continent’s development objectives. As such, a delegation from Afreximbank will join this year’s African Energy Week (AEW): Invest in African Energy 2024 conference (https://apo-opa.co/4ejrRF9)– taking place in Cape Town from November 4-8 – which will be led by the institution’s President and Chairman Dr. Benedict Oramah. In addition to participating in a suite of panel discussions, investor summits and networking forums, Dr. Oramah will deliver a keynote address during this year’s event. 

AEW: Invest in African Energy is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event. 

Since his appointment to Afreximbank President in 2015, Dr. Oramah has played an instrumental role in ensuring the bank’s investments align with Africa’s sustainability objectives. Amidst the ongoing global energy transition, Dr. Omarah has been an outstanding advocate for Africa’s oil and gas industry, leveraging his expertise to help eradicate energy poverty and create a pathway to a stronger economic future for the continent. Prior to beginning his career with Afreximbank in 1994, he was an assistant research manager at export credit agency the Nigerian Export-Import Bank. He is a published author and frequent speaker at trade finance conference around the world. 

With the bank looking at doubling its investments in African energy to well over $60 billion within the next five years, countries across the continent are well positioned to secure the capital they need to grow their respective economies on the back of sustainable energy. Poised to address the funding challenges faced by Africa’s oil and gas industry, Afreximbank has worked with pan-African organization the African Petroleum Producers Organization (APPO) to establish an African Energy Bank (AEB) to provide funds for the continent’s energy projects. 

Last month, APPO selected Abuja, Nigeria to host the headquarters of the AEB (https://apo-opa.co/3ySD2Wb). With an initial share capital of $5 billion, the bank will focus on financing energy projects across the continent, encompassing both fossil fuels and renewable energy sources. Following the bank’s announcement in November 2023, Afreximbank expressed that the financial institution will partner with over 700 banks in Africa to chart a profitable pathway for the African energy sector. As such, the selection of Abuja as the bank’s host city will not only strengthen Nigeria’s role in the African energy landscape, but will streamline funding for African projects, placing the continent on track for widespread industrialization and economic growth. 

Meanwhile, poised to support project development and commerce in Nigeria, Afreximbank signed a $200 million loan facility agreement with financial services company First Bank of Nigeria in June this year. The facility aims to support the needs of clients across various industries, including oil and gas, energy, manufacturing, telecommunications and more. Furthermore, the bank announced that it will finance the development and operation of a new $234.7 million port terminal in Douala, Cameroon, following the signing of a term sheet with port infrastructure developer APD-Cameroon in June 2024. 

In addition to providing financing for oil and gas projects, the bank prioritizes and advances local content, capacity building and low-carbon portfolios. At Afreximbank, Dr. Oramah leads several programs aimed at upskilling the local workforce and promoting technology transfer while accelerating intra-African trade and commerce. Recent initiatives include a $1.4 billion commitment to establish a fertilizer plant in Angola; two agreements worth $80 million with financial institution CBZ Bank to support small- and medium-sized enterprises in Zimbabwe; and a $2.25 billion loan to support global energy company the Nigerian National Petroleum Corporation in bolstering services across the petroleum value chain in Nigeria. These efforts by Afreximbank are set to advance industrialization, energy access and economic growth across the continent at a time when demand for African energy is expected to grow immensely in the coming years. 

“Africa’s energy and economic future will be shaped by institutions like Afreximbank and leaders like Dr. Oramah. Under his guidance, Afreximbank has emerged as a key ally for African nations, driving significant projects and creating opportunities for industrialization, energy access and socioeconomic development. As Africa’s energy sector continues to develop, grow, evolve and gain momentum, Afreximbank will continue to remain crucial to the continent’s success,” states African Energy Chamber Executive Chairman NJ Ayuk. 

At AEW: Invest in African Energy 2024, Dr. Oramah is expected to spearhead dialogue around investing in African energy, promoting local content development and driving the transfer of technology. Afreximbank’s corporate agenda aligns closely with the theme of this year’s event, Energy Growth through an Enabling Environment, and Dr. Oramah’s insights will be a valuable addition to the conference this November. 

Distributed by APO Group on behalf of African Energy Chamber.

Ambassador Tremont launched the 2024 Academy for Women Entrepreneurs (AWE) on August 26. Speaking at the event, Ambassador Tremont congratulated the succeeding applicants, ‘I am thrilled to see so many courageous and inspiring women from across the country…. I say you are courageous because starting a business is scary and full of uncertainty and challenges. You are also inspiring because you looked around and wanted to make a better life for yourself, your family, and your community with your talents and ideas.’

AWE is a global entrepreneurial empowerment program that supports women with the knowledge, networks, and access required to launch or scale successful businesses.  They use the online program, DreamBuilder, developed by Arizona State University’s Thunderbird School of Global Management in combination with local expertise.  This years’ program includes 100 women from across Zimbabwe with groups meeting in Harare, Mutare, and Bulawayo. The program includes in person and online sessions, site visits, mentorship, and engagement with AWE alumnae.  CABS bank, a subsidiary of Old Mutual has also partnered with the U.S. Embassy in implementing the program.

Learn more about AWE and other exchange opportunities. Visit AWE Zimbabwe on Facebook.

Distributed by APO Group on behalf of U.S. Embassy in Zimbabwe.