President Bola Tinubu has affirmed his administration's commitment to supporting financial technology firms, as Flutterwave, a prominent African fintech company, aims to list on the Nigerian Exchange.
Tinubu made this declaration during a meeting with Flutterwave's leadership and Alami Capital at the Presidential Villa in Abuja on Saturday.
Founded by young Nigerians and based in Lagos, Flutterwave operates throughout Africa and beyond.
The meeting included Flutterwave's CEO Olugbenga Agboola, co-founder Adeleke Adekoya, Oluwabankole Falade, and Mitesh Popat, along with Ms. Oluseun Olufemi-White, CEO of Alami Capital.
Also in attendance were the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, Managing Director and Chief Executive of the Ministry of Finance Incorporated, Dr. Armstrong Takang, and Director General/Chief Executive Officer of the National Information Technology Development Agency, Dr. Inuwa Kashifu Abdullahi.
Tinubu highlighted Nigeria's welcoming stance towards business, stating, “Nigeria is genuinely open to business, and as President, I am determined to remove all obstacles to allow companies to thrive.”
He praised Flutterwave's impact on the digital economy, particularly noting the significant contributions of young Nigerians to the company's achievements.
“The leadership Flutterwave provides in the digital world is what Nigeria needs today to grow its economy and make life easier for most of its population,” the President added,” the President remarked, expressing pride in the nation's youthful and innovative populace.
Finance Minister Wale Edun recognized the remarkable advancements made by Flutterwave over the last ten years, emphasizing its role in job creation and economic diversification through cutting-edge digital platforms and payment solutions throughout Africa.
Flutterwave's CEO, Olugbenga Agboola, underscored the company's milestones, such as enabling global payments for Nigerians in Naira and offering services for remittances from the diaspora.
“Flutterwave, valued at over $3 billion, is a Nigerian export and brand employing over 1,000 Nigerians,” Agboola remarked. He subsequently sought the President’s backing for the company’s goal of being listed on the Nigerian Exchange.
Takang from MOFI highlighted the necessity of promoting Nigerian enterprises like Flutterwave on a continental level.
“As Africa’s biggest economy, Nigeria must demonstrate its economic prowess by strategically positioning products and services by Nigerian companies, such as Flutterwave, in the homes of all Africans,” Takang stated.
He also addressed the topic of hosting services, advocating for support for Galaxy Backbone to manage companies like Flutterwave, which would help retain hosting revenue within Nigeria.
“Flutterwave allocates millions of dollars each month for hosting services, but those funds are directed to other nations,” he noted.
This meeting reflects a strong dedication from the Tinubu administration to nurture the growth of the Fintech sector in Nigeria and to assist companies like Flutterwave in their efforts to enhance the nation’s economic landscape.
The prospective listing of Flutterwave on the NGX is expected to further enhance investor confidence in Nigeria's technology ecosystem.
