President Bola Tinubu has reaffirmed his administration’s commitment to fostering the growth of financial technology companies, particularly those providing payment infrastructure services across Nigeria and Africa.
The President made the pledge during a meeting with executives from Flutterwave, a leading fintech firm, and Alami Capital at the State House in Abuja on Saturday.
Finance minister joins President’s meeting with Flutterwave
Flutterwave, a Nigerian-founded fintech giant headquartered in Lagos, has expanded its operations to over 30 countries, including the United States, Canada, Kenya, Uganda, Ghana, and South Africa.
The company’s delegation, led by CEO Olugbenga Agboola, included co-founder Adeleke Adekoya, Chief Regulatory Officer Oluwabankole Falade, and Chief Financial Officer Mitesh Popat. Alami Capital was represented by its CEO, Oluseun Olufemi-White.
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The meeting, facilitated by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, also included 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 praised Flutterwave’s contributions to Nigeria’s digital economy, noting the company’s role in empowering young Nigerians and driving innovation.
“Nigeria is open for business, and my administration is dedicated to removing barriers that hinder the growth of enterprises like Flutterwave,” he said.
The President expressed pride in the nation’s youthful and resourceful population, describing them as a cornerstone of Nigeria’s economic future.
Tech startup employs over 1000 Nigerians
Flutterwave’s CEO, Olugbenga Agboola, highlighted the company’s achievements since its inception a decade ago. With a valuation exceeding $3 billion, Flutterwave has created over 1,000 jobs and revolutionized payment systems, enabling Nigerians to transact globally using the naira.
The company also facilitates remittances for Nigerians abroad, simplifying the process of sending money to families back home. Agboola announced Flutterwave’s intention to list on the Nigerian Exchange and sought the government’s support to achieve this milestone.
Minister Wale Edun commended Flutterwave for its impact on job creation and economic diversification. He emphasized the importance of nurturing homegrown companies that can compete on a global scale.
“Flutterwave’s success story is a testament to the potential of Nigerian innovation and entrepreneurship,” he said.
Dr. Armstrong Ume Takang of MOFI stressed the need for Nigeria to leverage its position as Africa’s largest economy by supporting local enterprises.
He pointed out that Flutterwave spends millions monthly on hosting services, which currently benefit foreign providers. Takang proposed strengthening local infrastructure, such as Galaxy Backbone, to retain these expenditures within Nigeria and bolster the country’s digital ecosystem.
The meeting concluded with President Tinubu reiterating his administration’s resolve to create an enabling environment for businesses to thrive.
Moniepoint, Opay, Palmpay, others to block PoS operators’ accounts
Legit.ng earlier reported that Nigerian banks and fintech companies were set to block accounts of Point of Sale (PoS) operators yet to register their businesses with the Corporate Affairs Commission (CAC) before July 7, 2024.
The Central Bank of Nigeria, in a memo issued on April 30, 2024, directed all non-individuals on the agent banking authorisation to immediately take steps to register their businesses with the CAC in line with Section 863 of the Companies and Allied Matters Act (CAMA) 2020.
