Nigeria’s President Pledges Support for Fintech Sector as Flutterwave Eyes Nigerian Exchange Listing

Abuja, Nigeria – In a significant move to bolster Nigeria’s digital economy, President Bola Ahmed Tinubu has pledged his administration’s support for financial technology (fintech) companies, particularly those providing payment infrastructure services for Nigerians and Africans. The President made this commitment during a meeting with the leadership of Flutterwave, a leading fintech company, and Alami Capital at the State House in Abuja on Saturday afternoon.

Flutterwave, a Nigerian-founded fintech giant headquartered in Lagos, operates in over 30 countries, including the U.S., Canada, Kenya, Uganda, Ghana, and South Africa. The company, valued at over $3 billion, has become a key player in Africa’s digital payment ecosystem, enabling seamless transactions for individuals and businesses across the continent.

Representing Flutterwave at the meeting were CEO Olugbenga Agboola, co-founder Adeleke Adekoya, Oluwabankole Falade, and Mitesh Popat. Ms. Oluseun Olufemi-White, CEO of Alami Capital, also attended the meeting. The delegation was led by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and included Dr. Armstrong Ume Takang, Managing Director/CEO of the Ministry of Finance Incorporated (MOFI), and Dr. Inuwa Kashifu Abdullahi, Director General of the National Information Technology Development Agency (NITDA).

President Tinubu’s Commitment to Business Growth
President Tinubu emphasized Nigeria’s openness to business and his administration’s determination to remove obstacles hindering the growth of companies. He commended Flutterwave for its commitment to building capacity in the digital economy sector, particularly as a homegrown success story driven by young, energetic Nigerians.

“I am honored 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 said.

Flutterwave’s Impact and Ambitions
Flutterwave CEO Olugbenga Agboola highlighted the company’s achievements, including enabling Nigerians to pay for global services in naira and providing payment platforms for diaspora remittances. He noted that Flutterwave, which employs over 1,000 Nigerians, is a testament to the potential of Nigerian innovation on the global stage.

Agboola also revealed the company’s plans to list on the Nigerian Exchange (NGX) and sought the President’s support to facilitate this process. “Flutterwave is a Nigerian export and brand. We are proud of our roots and are committed to contributing to the growth of Nigeria’s economy,” he said.

Strengthening Nigeria’s Digital Infrastructure
Dr. Armstrong Ume Takang, Managing Director of MOFI, underscored the need for Nigeria to leverage its position as Africa’s largest economy by strategically supporting homegrown companies like Flutterwave. He pointed out that Flutterwave spends millions of dollars monthly on hosting services, which currently go to foreign providers.

Takang proposed strengthening local hosting services, such as Galaxy Backbone, to retain these investments within Nigeria. “By supporting local infrastructure, we can ensure that the economic benefits of our digital economy remain within the country,” he said.

A Boost for Nigeria’s Fintech Ecosystem
Minister Wale Edun praised Flutterwave’s contributions to job creation and economic diversification over the past decade. He reiterated the government’s commitment to fostering an enabling environment for fintech companies to thrive.

As Flutterwave moves closer to its NGX listing, this meeting signals a new era of collaboration between the Nigerian government and the private sector to drive innovation, create jobs, and position Nigeria as a global leader in the digital economy.

Conclusion
President Tinubu’s endorsement of Flutterwave and the broader fintech sector reflects a clear vision for Nigeria’s economic future. With the government’s support, companies like Flutterwave are poised to expand their impact, not only in Nigeria but across Africa and beyond. This development marks a significant step forward in Nigeria’s journey toward becoming a hub for technological innovation and economic growth.