Flutterwave, a leading payments technology company, is seeking approval to be listed on the Nigerian Stock Exchange (NGX). The fintech company also pledged its commitment to the growth of small and medium enterprises with a seamless digital solution for the Nigerian Economy.
According to Flutterwave Founder and CEO Olugbenga ‘GB’ Agboola, who together with some executives and leadership of Alami Capital visited President Bola Ahmed Tinubu on Saturday, he demonstrated that the company has made cross-border payment a stress-free process for Nigerians since its existence in 2016.
Explaining its strategic operations and impact, Agboola pointed out that Flutterwave has made it easy for Nigerians to pay for Uber, Netflix and so on in Naira here in Nigeria compared to when they pay in dollars. The company has also attracted global merchants to come to Nigeria and localize their payments in the country.
“In the last couple of years, we have launched a remittance platform which is helping Nigerians even in the diaspora to send money back home to Nigeria and help us generate foreign currency in Nigeria here today. We are in the top three companies in Nigeria by the inflow that we pay to Nigeria. And the goal here is to continue going forward,” he said.
Flutterwave, valued at more than $3 billion, is currently licensed in over 15 African countries and can operate in over 30 countries, where it has also secured licenses in the U.S. and UK, and partners in the EU. It has been enabling more countries for digital payments, including senders and receivers.
Agboola explained further that Flutterwave’s contribution extends to helping Nigerian companies export their brands to the world where a small business in Nigeria now can sell to anyone anywhere.
He added that anyone can buy from a small merchant on their platform because it accepts every payment type that is available globally through the platform.
“Our goal is to connect Nigerians to other parts of the world as we don’t exist in isolation. We want to make investors come into Nigeria and make Nigeria a payment hub across the world. We’ve employed over 1000 Nigerians and we have built the Nigerian brand in the last couple of years through the work we have done,” the CEO noted.
Also Read: Police move to arrest 601 bank customers that received proceeds of N11bn Flutterwave breach.
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While noting the significance of Flutterwave listing on the NGX, Gbenga Agboola explained that the move will create liquidity for Nigerians and that the support of the federal government will reveal that Nigeria can build global companies that will scale and lead.
As revealed during the meeting, Flutterwave has invested about $4m on hosting services which goes to other countries. Referring to this, the company said part of its economic dominance in the continent is to begin to spend money in Nigeria.
“Beyond that, we believe so much in our home Nigeria, we believe if we can unlock the next level of growth, If an average SME on our platform can be able to employ five to ten people, that would naturally create an opportunity that we will have over an explosive job growth all because we’ve made payment simple,” Agboola added.
The company further pledged its commitment to ensure that Nigeria builds a formal infrastructure that can scale and work anywhere in the world. It also reinforced its commitment to empowering Nigeria’s youth and driving digital transformation.
For Flutterwave, the meeting shows its shared vision of creating opportunities for young entrepreneurs through mentorship and startup funding and accelerating Nigeria’s digital economy with fintech innovation and capacity-building initiatives.
Nigerian government extends support to businesses
The President expressed that his administration will support businesses in the financial technology sector that provide payment infrastructure services for Nigerians and Africans. He added that Nigeria is genuinely open to business, and as President, he is determined to remove all obstacles to allow companies to thrive.
Acknowledging Flutterwave’s effort, President Tinubu commended its commitment to building capacity in the digital economy sector, especially as it is being made possible by energetic, young Nigerians. He expressed his delight to be the President of a country with such a youthful and resourceful population.
He added that what Flutterwave provides in the digital world is what Nigeria needs today to grow its economy and make life easier for most of its population.
Also, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, said Flutterwave has made significant progress since its establishment 10 years ago by creating jobs and helping to diversify the economy by providing innovative digital platforms and payment services in Nigeria and across Africa.
Leveraging on its recent partnerships with SMEDAN and NITDA, the fintech company seeks to ensure that Nigerian businesses and entrepreneurs have more access to the resources, tools, and training they need to scale and compete globally.
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