President Bola Tinubu has pledged his administration’s support for financial technology (fintech) companies that provide payment infrastructure services for Nigerians and Africans. The President made this commitment during a meeting with the leadership of Flutterwave and Alami Capital at the State House in Abuja on Saturday.
Flutterwave, a leading fintech company founded by young Nigerians and headquartered in Lagos, operates in the U.S., Canada, Nigeria, Kenya, Uganda, Ghana, South Africa, and 29 other African countries. The company’s delegation, led by CEO Olugbenga Agboola, included co-founder Adeleke Adekoya, Oluwabankole Falade, and Mitesh Popat. Ms. Oluseun Olufemi-White, CEO of Alami Capital, also attended the meeting.
President Tinubu commended Flutterwave’s commitment to building capacity in the digital economy sector, emphasizing that Nigeria is genuinely open for business. He assured the company of his administration’s determination to remove obstacles hindering businesses from thriving.
“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 said. He also expressed pride in Nigeria’s youthful and resourceful population, which he described as a key driver of innovation and economic growth.
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, highlighted Flutterwave’s significant progress since its establishment 10 years ago. He noted that the company has created jobs, diversified the economy, and provided innovative digital payment platforms across Nigeria and Africa.
Flutterwave CEO, Olugbenga Agboola, explained that the company has simplified payment processes for Nigerians, enabling them to pay for global services in naira and facilitating remittances from Nigerians in the diaspora. He revealed that Flutterwave, valued at over $3 billion, employs over 1,000 Nigerians and is seeking to list on the Nigerian Exchange. Agboola solicited the President’s support for the listing process.
Dr. Armstrong Ume Takang, Managing Director and Chief Executive of the Ministry of Finance Incorporated (MOFI), emphasized the need for Nigeria to strategically position its products and services in the global market. He noted that Flutterwave spends millions of dollars monthly on hosting services abroad and suggested leveraging Galaxy Backbone’s hosting services to retain such investments within Nigeria.
The meeting underscores the Tinubu administration’s commitment to fostering innovation, supporting homegrown businesses, and positioning Nigeria as a leader in the global digital economy.
