President Bola Tinubu has reiterated his administration’s dedication to fostering the growth of financial technology companies that are crucial for providing payment infrastructure to Nigerians and the broader African continent.
This commitment was made during a meeting held on Saturday in Abuja with leaders from Flutterwave and Alami Capital. The discussions come at a pivotal time as Flutterwave, a prominent Nigerian fintech firm, prepares for a listing on the Nigerian Exchange (NGX).
Founded by a group of young Nigerian entrepreneurs and headquartered in Lagos, Flutterwave operates across more than 30 African countries and has expanded its reach to the United States, Canada, and several other nations, including Kenya, Uganda, Ghana, and South Africa.
A statement from Bayo Onanuga, Special Adviser to the President on Information and Strategy, detailed the meeting’s attendees, which included Flutterwave’s CEO Olugbenga Agboola, Co-founder Adeleke Adekoya, Oluwabankole Falade, and Mitesh Popat, as well as Oluseun Olufemi-White, CEO of Alami Capital. The delegation was led by Wale Edun, Minister of Finance and Coordinating Minister of the Economy, alongside other officials such as Dr. Armstrong Ume Takang, Managing Director of the Ministry of Finance Incorporated (MOFI), and Dr. Inuwa Kashifu Abdullahi, Director General of the National Information Technology Development Agency (NITDA).
President Tinubu emphasized his commitment to creating a conducive business environment by eliminating barriers to growth for companies. He commended Flutterwave’s leadership in the digital economy and acknowledged the significant contributions of Nigeria’s dynamic youth. “The leadership Flutterwave offers in the digital space is exactly what Nigeria needs to grow its economy and improve the lives of its citizens,” he stated.
Minister Edun praised Flutterwave’s impact over the past decade, highlighting its role in job creation and economic diversification through innovative payment solutions across Africa.
During the meeting, Flutterwave CEO Olugbenga Agboola showcased the company’s milestones, including facilitating naira payments for global services and enabling Nigerians in the diaspora to send money home seamlessly. He also sought the President’s support for Flutterwave’s upcoming listing on the Nigerian Exchange, noting that the company is valued at over $3 billion and employs more than 1,000 Nigerians.
Dr. Armstrong Ume Takang from MOFI underscored the importance of supporting local companies like Flutterwave to bolster Nigeria’s status as Africa’s largest economy. He advocated for the promotion of local hosting services, such as Galaxy Backbone, to retain revenue currently spent on foreign digital infrastructure.
