Government Backs Fintech Growth
President Bola Tinubu has assured his administration’s support for financial technology companies driving payment solutions for Nigerians and Africans. On Saturday, he met with executives from Flutterwave and Alami Capital in Abuja, reaffirming his commitment to fostering a business-friendly environment.
Flutterwave, a Nigerian fintech giant valued at over $3 billion, is preparing for a listing on the Nigerian Exchange Limited (NGX). The company, which employs over 1,000 Nigerians, sought federal backing for its plans. President Tinubu pledged his support, recognizing the company’s impact on the economy.
A Nigerian Brand with a Global Reach
Founded by young Nigerian entrepreneurs, Flutterwave has expanded beyond its Lagos headquarters to operate in the United States, Canada, Nigeria, Kenya, Uganda, Ghana, South Africa, and 29 other African countries. The firm has revolutionized digital transactions across the continent.
At the meeting, CEO Olugbenga Agboola, co-founder Adeleke Adekoya, and executives Oluwabankole Falade and Mitesh Popat represented Flutterwave. Oluseun Olufemi-White, CEO of Alami Capital, also attended.
High-Profile Delegation Engages with the President
Leading the delegation was Wale Edun, Minister of Finance and Coordinating Minister of the Economy. Also present were Armstrong Takang, Managing Director of the Ministry of Finance Incorporated (MOFI), and Inuwa Abdullahi, Director-General of the National Information Technology Development Agency (NITDA).
During the meeting, President Tinubu emphasized his administration’s commitment to removing barriers for businesses. He highlighted Nigeria’s openness to investment and praised Flutterwave’s role in strengthening the digital economy.
Championing Digital Innovation
The president acknowledged the company’s contribution to technological advancement, particularly its ability to empower young Nigerians. He described Flutterwave’s work as crucial to modernizing Nigeria’s economy and improving daily transactions for its people.
Finance Minister Wale Edun noted the company’s achievements over the past decade, including job creation and digital financial expansion across Africa. He emphasized its role in diversifying Nigeria’s economy through technology-driven payment solutions.
A Push for NGX Listing and Local Hosting Services
CEO Olugbenga Agboola highlighted Flutterwave’s efforts to simplify payments for Nigerians, enabling seamless transactions for international services and remittances. He urged the government to support its NGX listing.
MOFI’s Armstrong Takang stressed the need for Nigeria to strengthen its economic influence. He pointed out that while Flutterwave spends millions of dollars monthly on hosting services, most of this money benefits foreign companies. He suggested leveraging Galaxy Backbone to host Nigerian fintech firms, keeping more revenue within the country.
With government backing, Flutterwave’s expansion and potential NGX listing could drive greater economic integration, reinforcing Nigeria’s position as a leader in Africa’s fintech space.
