Tinubu Backs Local Fintechs As Flutterwave Eyes NSE Listing

President Bola Tinubu has said that his administration will support businesses in the financial technology sector that provide payment infrastructure services for Nigerians and Africans.

He said this when he received the leadership of Flutterwave and Alami Capital in Abuja on Saturday afternoon.

Flutterwave, a leading Fintech company founded by young Nigerians and headquartered in Lagos, operates in the US, Canada, Nigeria, Kenya, Uganda, Ghana, South Africa, and 29 other African countries.

Olugbenga Agboola, the CEO; Adeleke Adekoya, a co-founder; Oluwabankole Falade and Mitesh Popat, represented Flutterwave at the meeting. Ms Oluseun Olufemi-White represented Alami Capital as its CEO.

Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, led the delegation to meet President Tinubu. Dr. Armstrong Ume Takang, the Managing Director and Chief Executive of the Ministry of Finance Incorporated (MOFI), and Dr. Inuwa Kashifu Abdullahi, the Director General/Chief Executive Officer of the National Information Technology Development Agency (NITDA), also attended.

President Tinubu, in a statement by his spokesman, Bayo Onanuga, on Saturday, said Nigeria was genuinely open to business, and as President, he was determined to remove all obstacles to allow companies to thrive.

He commended Flutterwave’s commitment to building capacity in the digital economy sector, especially as it is being made possible by energetic, young Nigerians. He said he was honoured to be the President of a country with such a youthful and resourceful population.

He said the leadership Flutterwave provides in the digital world is what Nigeria needed today to grow its economy and make life easier for most of its population.

Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, said Flutterwave has made significant progress since its establishment 10 years ago. It has created jobs and helped diversify the economy by providing innovative digital platforms and payment services in Nigeria and across Africa.

For his part, CEO of Flutterwave Agboola said the company has made it easy for Nigerians to pay for some global services with Naira and provided payment platforms for Nigerians in the diaspora who are willing to send money to families and relatives in the country.

He said Flutterwave, valued at over $3 billion, is a Nigerian export and brand employing over 1,000 Nigerians.

He said the company seeks to be listed on the Nigerian Exchange and solicited the President’s support.

The Managing Director and Chief Executive of MOFI, Dr. Armstrong Ume Takang, said that 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.

He said Flutterwave spends millions of dollars monthly on hosting services, but that money goes to other countries.

He suggested supporting Galaxy Backbone’s hosting services to enable it to handle companies like Flutterwave.