Tinubu backs fintech as Flutterwave targets NSE

From Juliana Taiwo-Obalonye, Abuja

In a move to boost Nigeria’s fintech sector, President Bola Tinubu on Saturday pledged his administration’s support for companies like Flutterwave, which provide crucial payment infrastructure services across Africa.

In a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga, the President, during a meeting with the leadership of Flutterwave and Alami Capital at the Presidential Villa in Abuja, emphasised his commitment to removing obstacles that hinder businesses from thriving in Nigeria.

“Nigeria is genuinely open to business,” he stated. “As President, I am determined to remove all obstacles to allow companies like Flutterwave to thrive.” He commended Flutterwave’s commitment to building capacity in the digital economy sector, particularly noting its leadership provided by energetic young Nigerians.

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

CEO of Flutterwave, Olugbenga Agboola, expressed gratitude for the support offered by President Tinubu.

“We have 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 back home,” Agboola noted.

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

He also mentioned that Flutterwave seeks listing on the Nigerian Exchange and solicited presidential support.

Managing Director of MOFI (Ministry of Finance Incorporated), Armstrong Takang, suggested supporting local hosting services like Galaxy Backbone instead of foreign providers. This would help retain revenue within Nigeria as companies like Flutterwave spend millions monthly on hosting services abroad.

President Tinubu concluded by emphasising his vision for economic growth through technology: “The leadership that companies like Flutterwave provide is what we need today… We will continue working together with stakeholders across sectors.”