Tinubu Backs Local Fintechs As Flutterwave Eyes NSE Listing

President Bola Tinubu has expressed strong support for businesses in Nigeria’s financial technology (fintech) sector, particularly those offering payment infrastructure services to Nigerians and Africans. He made the statement 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 35 countries including the US, Canada, Nigeria, Kenya, Uganda, Ghana, and South Africa. The company is now aiming for a listing on the Nigerian Stock Exchange (NSE).

At the meeting, Flutterwave’s leadership included CEO Olugbenga Agboola, co-founder Adeleke Adekoya, and executives Oluwabankole Falade and Mitesh Popat, while Alami Capital was represented by its CEO, Ms Oluseun Olufemi-White. The delegation was led by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, along with 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).

In a statement issued by his spokesperson, Bayo Onanuga, President Tinubu praised Flutterwave’s significant contribution to Nigeria’s digital economy and expressed his determination to eliminate obstacles hindering business growth in the country. He emphasized Nigeria’s openness to business and highlighted the importance of fintechs in driving economic growth and enhancing the ease of doing business.

Tinubu commended Flutterwave’s role in promoting digital economy initiatives led by young Nigerians, saying that the company’s leadership in the digital world is exactly what Nigeria needs to accelerate economic growth and improve the lives of its citizens.

Minister Wale Edun acknowledged Flutterwave’s decade-long achievements, noting that it has created jobs and contributed to diversifying Nigeria’s economy through its innovative digital platforms and payment services across Africa.

Agboola, the CEO of Flutterwave, highlighted the company’s efforts in simplifying payments for Nigerians, both domestically and internationally. He also mentioned that Flutterwave, valued at over $3 billion, employs over 1,000 Nigerians and continues to support the Nigerian economy through its operations.

Flutterwave is seeking to list on the Nigerian Exchange and has solicited the President’s support to achieve this goal.

Dr. Armstrong Ume Takang of MOFI further suggested that Nigeria could enhance its economic standing by strategically positioning Nigerian brands like Flutterwave on the continent and supporting local services, such as Galaxy Backbone, to handle the growing hosting demands of major Nigerian tech firms. He noted that although Flutterwave spends millions monthly on hosting services abroad, supporting local hosting companies would keep such funds within the country.