Browsing: Fintech

President Bola Tinubu has reaffirmed his administration’s commitment to supporting financial technology companies in Nigeria, particularly those that enhance payment infrastructure services across Africa. The President made this pledge yesterday when he received the leadership of Flutterwave and Alami Capital at the State House in Abuja. The delegation, led by Minister of Finance and Coordinating Minister of the Economy, Wale Edun, included key stakeholders from the fintech and technology development sectors. Flutterwave, a Lagos-headquartered fintech giant operating in over 30 African countries, is seeking to list on the Nigerian Exchange. Its CEO, Olugbenga Agboola, alongside co-founder Adeleke Adekoya, and executives Oluwabankole Falade and Mitesh Popat, met with President Tinubu to discuss the company’s expansion plans. READ ALSO: CBN urges businesses to adopt export strategies amid Naira depreciation Ms Oluseun Olufemi-White, CEO of Alami Capital, also attended. President Tinubu emphasised Nigeria’s openness to business and his administration’s resolve to eliminate barriers hindering the growth of enterprises. He commended Flutterwave’s role in the digital economy, highlighting its impact on job creation, financial inclusion, and Nigeria’s economic diversification. Bola Tinubu, Wale Edun, Olugbenga Agboola, alongside co-founder Adeleke Adekoya, and executives Oluwabankole Falade and Mitesh Popat (PHOTO CREDIT: X) “The leadership Flutterwave provides in the digital world is what Nigeria needs to grow its economy and make life easier for its people. I am honoured to lead a country with such a youthful and resourceful population,” President Tinubu stated. Edun acknowledged Flutterwave’s contributions to Nigeria’s fintech ecosystem, noting its progress over the past decade. “Flutterwave has created jobs and contributed to economic diversification through innovative digital payment solutions,” Edun said. Flutterwave’s CEO, Agboola, revealed that the company, valued at over $3 billion, enables Nigerians to make payments for global services in Naira and facilitates remittances from the diaspora. He expressed the company’s ambition to be listed on the Nigerian Exchange and sought the President’s support for the move. Armstrong Ume Takang, Managing Director of the Ministry of Finance Incorporated (MOFI), stressed the need for Nigeria to leverage its economic strength by strategically positioning indigenous companies like Flutterwave. He pointed out that significant funds spent on hosting services by Nigerian tech firms currently benefit foreign countries. READ ALSO: ‘I’m closing my account; this govt ‘ll kill us’ – Nigerians react as OPay, others begin deducting E-Levy charges To address this, he suggested bolstering Galaxy Backbone’s hosting capabilities to retain such expenditures within Nigeria. The meeting, which also had in attendance Inuwa Kashifu Abdullahi, Director-General of the National Information Technology Development Agency (NITDA), underscored the government’s intent to create a more conducive environment for fintech growth and innovation.

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