President Bola Tinubu says his administration will support businesses in the financial technology (fintech) sector during a meeting with Flutterwave ahead of the firm’s plans to list on the Nigerian stock market.
The President’s meeting with the leadership of Flutterwave and Alami Cpaital, took place in Abuja on Saturday, and focused on the fintech company’s plans to list on the Nigerian Exchange.
During the meeting, President Tinubu underscores the importance of fintech companies that provide payment infrastructure services for Nigerians, and the broader African market.
Agboola highlights Flutterwave’s role in simplifying payments for Nigerians using Naira for global services. The platform also enables Nigerians in the diaspora to send money back home easily. With a valuation exceeding $3 billion, Flutterwave has become a significant player in the fintech landscape, employing over 1,000 Nigerians, according to the CEO of the fintech company.
Flutterwave: Fintech company simplified global payments using Naira
The President says his administration is determined to remove barriers that hinder business growth, reinforcing Nigeria’s openness to investment and innovation.
“Nigeria is genuinely open to business,” Tinubu states. “As President, I am committed to ensuring that companies can thrive without unnecessary obstacles.”
Flutterwave, a leading fintech company founded by young Nigerians and headquartered in Lagos, operates across multiple countries, including the U.S., Canada, Kenya, Uganda, Ghana, South Africa, and 29 other African nations. The company has gained recognition for its role in facilitating digital payments and enhancing financial inclusion.
At the meeting, Flutterwave’s leadership included CEO Olugbenga Agboola, co-founder Adeleke Adekoya, and executives Oluwabankole Falade and Mitesh Popat. They discussed the company’s achievements over the past decade and its contributions to Nigeria’s economy.
Agboola highlights Flutterwave’s role in simplifying payments for Nigerians using Naira for global services. The platform also enables Nigerians in the diaspora to send money back home easily. With a valuation exceeding $3 billion, Flutterwave has become a significant player in the fintech landscape, employing over 1,000 Nigerians, according to the CEO of the fintech company.
Flutterwave’s leadership expressed their desire to be listed on the Nigerian Exchange, and solicited support from President Tinubu for this initiative. The listing is seen as a strategic move that could further enhance the fintech company’s visibility and operational capacity within Nigeria’s financial ecosystem.
Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, praised Flutterwave’s progress since its inception 10 years ago.
The fintech company, he says, has not only created jobs, but has also diversified Nigeria’s economy through innovative digital platforms and payment services.
Takang says that Flutterwave spends millions monthly on hosting services abroad, suggesting that supporting local hosting solutions like Galaxy Backbone could retain these funds within Nigeria. This approach would not only strengthen local infrastructure, but also enhance service delivery for fintech companies operating in Nigeria.
Edun acknowledges the significance of fintech in driving economic growth and improving service delivery across various sectors. He reiterates the government’s commitment to fostering an environment conducive to innovation and entrepreneurship.
Dr. Armstrong Ume Takang, Managing Director and Chief Executive of the Ministry of Finance Incorporated (MOFI), emphasizes Nigeria’s potential as Africa’s largest economy. He advocates strategic positioning of products and services from Nigerian companies like Flutterwave within African markets.
Takang says that Flutterwave spends millions monthly on hosting services abroad, suggesting that supporting local hosting solutions like Galaxy Backbone could retain these funds within Nigeria. This approach would not only strengthen local infrastructure, but also enhance service delivery for fintech companies operating in Nigeria.
President Tinubu commended Flutterwave’s commitment to building capacity within Nigeria’s digital economy, particularly through initiatives led by young Nigerians. He expressed pride in presiding over a nation rich in youthful talent capable of driving technological advancements.
“The leadership that Flutterwave provides in the digital world is what Nigeria needs today to grow its economy,” he adds. “It is essential for making life easier for our population.”
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