President Bola Tinubu has pledged his administration’s support for financial technology companies, as Flutterwave, a leading African Fintech firm, seeks to list on the Nigerian Exchange.
Tinubu expressed his commitment during a meeting with the leadership of Flutterwave and Alami Capital at the Presidential Villa in Abuja on Saturday.
Flutterwave, founded by young Nigerians and headquartered in Lagos, operates across Africa and internationally.
The company’s leadership, including CEO Olugbenga Agboola, co-founder Adeleke Adekoya, Oluwabankole Falade, and Mitesh Popat, met with Tinubu alongside Ms. Oluseun Olufemi-White, CEO of Alami Capital.
Also present were the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, Managing Director and Chief Executive of the Ministry of Finance Incorporated, Dr. Armstrong Takang, and Director General/Chief Executive Officer of the National Information Technology Development Agency, Dr. Inuwa Kashifu Abdullahi.
Tinubu emphasised Nigeria’s openness to business, stating, “Nigeria is genuinely open to business, and as President, I am determined to remove all obstacles to allow companies to thrive.”
He commended Flutterwave’s contributions to the digital economy, particularly highlighting the role of young Nigerians in the company’s success.
“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 added.
He expressed pride in the country’s youthful and resourceful population.
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Finance Minister Wale Edun acknowledged Flutterwave’s significant progress over the past decade, noting its contributions to job creation and economic diversification through innovative digital platforms and payment services across Africa.
Flutterwave CEO, Olugbenga Agboola, highlighted the company’s achievements, including facilitating global payments for Nigerians in Naira and providing platforms for diaspora remittances.
“Flutterwave, valued at over $3 billion, is a Nigerian export and brand employing over 1,000 Nigerians,” Agboola stated. He then formally requested the President’s support for the company’s ambition to be listed on the Nigerian Exchange.
Takang of MOFI stressed the importance of showcasing Nigerian companies like Flutterwave on the African stage.
“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,” Takang said.
He also raised the issue of hosting services, suggesting support for Galaxy Backbone to enable it to handle companies like Flutterwave, thereby keeping hosting revenue within Nigeria.
“Flutterwave spends millions of dollars monthly on hosting services, but that money goes to other countries,” he pointed out.
The meeting signals a strong commitment from the Tinubu administration to fostering the growth of the Fintech sector in Nigeria and supporting companies like Flutterwave in their ambitions to contribute to the nation’s economic development.
The potential listing of Flutterwave on the NGX is anticipated to further boost investor confidence in the Nigerian tech ecosystem.
