President Bola Tinubu has reaffirmed his administration’s commitment to fostering growth in Nigeria’s financial technology sector, particularly for businesses providing payment infrastructure services across Africa.
During a meeting on Saturday in Abuja, the president welcomed executives from Flutterwave and Alami Capital, pledging government support for fintech enterprises striving to expand their operations and contribute to economic development.
Flutterwave, a prominent Nigerian fintech company valued at over $3 billion, currently employs more than 1,000 Nigerians and operates across multiple global markets. The company is actively pursuing a listing on the Nigerian Exchange Limited (NGX), a milestone that could further solidify its presence in the country’s financial ecosystem.
The firm’s leadership, including CEO Olugbenga Agboola, co-founder Adeleke Adekoya, and executives Oluwabankole Falade and Mitesh Popat, sought the federal government’s backing for the listing. Representing Alami Capital at the meeting was its CEO, Oluseun Olufemi-White.
The delegation was led by Wale Edun, Minister of Finance and Coordinating Minister of the Economy, and included Armstrong Takang, Managing Director of the Ministry of Finance Incorporated (MOFI), as well as Inuwa Abdullahi, Director-General of the National Information Technology Development Agency (NITDA).
President Tinubu stated once more his administration’s commitment to eliminating barriers that hinder business growth, emphasizing Nigeria’s openness to investment. He praised Flutterwave’s contribution to the digital economy, highlighting the ingenuity and resilience of young Nigerians driving innovation in the sector.
Since its inception a decade ago, Flutterwave has significantly influenced the fintech space by creating jobs, expanding digital payment solutions, and diversifying Nigeria’s economy. The company has facilitated seamless payments for Nigerians using the Naira for global transactions and provided financial solutions for the diaspora community looking to remit funds back home.
MOFI CEO Armstrong Takang emphasized the need for Nigeria to assert its economic influence by supporting homegrown companies like Flutterwave. He noted that despite the company’s success, it spends millions of dollars monthly on hosting services outsourced to foreign providers. He suggested leveraging Nigeria’s Galaxy Backbone to accommodate such hosting needs and retain economic value within the country.
President Tinubu’s endorsement of Flutterwave’s listing on the NGX signals the administration’s recognition of fintech’s role in Nigeria’s economic advancement. With government backing, the company is set to achieve greater milestones, reinforcing Nigeria’s status as a key player in Africa’s digital economy.
