Flutterwave seeks NGX listing as Tinubu commits to fintech sector growth

President Tinubu says his administration will support businesses in the financial technology (fintech) sector that provide payment infrastructure services for Nigerians and Africans.

Tinubu spoke on Saturday after a meeting with the leadership of Flutterwave and Alami Capital in Abuja, according to a statement by Bayo Onanuga, his special adviser on information and strategy.

The meeting was said to have been attended by Olugbenga Agboola, Flutterwave’s chief executive officer (CEO); Adeleke Adekoya, its co-founder; Oluwabankole Falade, the chief regulatory officer; Mitesh Popat, the chief financial officer of the firm, as well as Oluseun Olufemi-White, CEO of Alami Capital.

Also present at the meeting were Wale Edun, minister of finance and coordinating minister of the economy; Armstrong Ume Takang, managing director and chief executive of the ministry of finance incorporated (MOFI), and Inuwa Abdullahi, director-general of the National Information Technology Development Agency (NITDA).

Speaking at the meeting, Tinubu said Nigeria is genuinely open to businesses, assuring of his determination 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. 

According to the statement, Tinubu said he is honoured to be the president of a country with such a youthful and resourceful population.

“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 was quoted as saying.

On his part, 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,” he said.

‘FLUTTERWAVE SEEKS LISTING ON NGX’

Also speaking, 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. 

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

Agboola also said, “the company seeks to be listed on the Nigerian Exchange and solicited the President’s support”. 

On his part, Takang said 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. 

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

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