As the digital landscape continues to evolve, Uganda’s micro, small, and medium-sized enterprises (MSMEs) are stepping up to embrace e-commerce. However, many of these businesses face significant challenges when it comes to managing payments. Enter Flutterwave, a leading payment solutions provider that is revolutionizing how MSMEs operate online.
Featured on Day 24 of the 40 Days 40 FinTechs Initiative Season 5, Flutterwave’s Arnold Kwesiga, the AVP for Global Expansion, Payments, and Partnerships for East Africa, highlighted the company’s commitment to facilitating seamless transactions across the continent. “Flutterwave is Africa’s largest payment company. We facilitate seamless payments across Africa,” Kwesiga stated.
The transition from traditional brick-and-mortar businesses to e-commerce has not been without its hurdles. Many MSMEs lack the resources to invest in sophisticated payment management systems, which can hinder their growth. Flutterwave aims to bridge this gap by providing accessible and efficient payment solutions tailored to the needs of small businesses.
Kwesiga elaborated on Flutterwave’s offerings: “In Uganda, we offer different products. These include a send APP – which is a platform that allows people, mainly those in the diaspora, to send and receive money across the continent. We also have Flutterwave for Business, which is our flagship product. This allows businesses to be able to accept payments and make payments off our platform 24/7.”
Flutterwave for Business is designed to enhance the e-commerce experience by providing a comprehensive platform for managing transactions. “It gives more than value for money as it provides a one-stop center for displaying and selling products, receiving payments, and making payments,” Kwesiga explained. This integrated approach allows businesses to monitor their performance and adapt their strategies in real-time.
Onboarding with Flutterwave is straightforward. “For small businesses, we only need to know the kind of business they do, their registration, and legal status. Once we receive this and conclude our due diligence, we will then onboard the business on our platform and give them a merchant ID,” Kwesiga noted. This streamlined process ensures that even the smallest enterprises can quickly start transacting online.
Flutterwave recognizes that different businesses have varying needs when it comes to payment settlements. “We are able to collect their payments whether it is through mobile money or bank cards. Similarly, after collecting this money, we then settle the business based on their payment and time preference – this may be mobile money or bank transfer,” Kwesiga added. Businesses can choose to receive their funds weekly, bi-weekly, or monthly, providing them with the flexibility to manage their cash flow effectively.
In addition to its innovative solutions, Flutterwave is fully regulated and licensed by the Bank of Uganda under the National Payment Systems (NPS) Act, 2020. This regulatory oversight ensures that businesses can trust Flutterwave with their financial transactions, knowing that their data and funds are secure.
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