President Tinubu Pledges Support For Nigerian Fintechs

Nigerian President Bola Ahmed Tinubu has reaffirmed his administration’s commitment to strengthening financial technology (Fintech) businesses that provide vital payment infrastructure services for Nigerians and the broader African continent. He made this pledge during a meeting with the leadership of Flutterwave and Alami Capital in Abuja on Saturday.

Tinubu emphasized his determination to eliminate obstacles hindering business growth in Nigeria, reiterating that the country is “genuinely open to business.” He commended Flutterwave, a leading Fintech company founded by young Nigerians and headquartered in Lagos, for its significant contributions to the digital economy.

Flutterwave, which operates in multiple countries including the United States, Canada, Nigeria, Kenya, Uganda, Ghana, South Africa, and 29 other African nations, was represented by its CEO, Olugbenga Agboola, co-founder Adeleke Adekoya, Oluwabankole Falade, and Mitesh Popat. Also in attendance was Ms. Oluseun Olufemi-White, CEO of Alami Capital.

The delegation was led by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun. Other notable attendees included Dr. Armstrong Ume Takang, Managing Director and Chief Executive of the Ministry of Finance Incorporated (MOFI), and Dr. Inuwa Kashifu Abdullahi, Director General and Chief Executive Officer of the National Information Technology Development Agency (NITDA).

President Tinubu praised Flutterwave’s commitment to capacity-building within the digital economy sector, particularly recognizing the role of young, energetic Nigerians in driving this growth. He expressed pride in leading a nation with such a resourceful and dynamic youth population.

He further acknowledged Flutterwave’s leadership in the digital space as essential to Nigeria’s economic development and improving the lives of its citizens. The President highlighted the company’s ability to facilitate seamless payment solutions, which are crucial in today’s digital era.

Minister of Finance Wale Edun highlighted Flutterwave’s impressive progress since its inception a decade ago, noting its significant contribution to job creation and economic diversification through innovative digital platforms and payment services across Nigeria and Africa.

Flutterwave CEO Olugbenga Agboola elaborated on the company’s role in simplifying global transactions for Nigerians, enabling them to pay for international services using the Naira. He also emphasized the company’s role in providing reliable payment platforms for Nigerians in the diaspora to send money home.

Agboola further noted that Flutterwave, valued at over $3 billion, is a successful Nigerian export and brand that employs over 1,000 Nigerians. He expressed the company’s ambition to be listed on the Nigerian Exchange and sought President Tinubu’s support in achieving this milestone.

Dr Armstrong Ume Takang, Managing Director and Chief Executive of MOFI, underscored the importance of Nigeria as Africa’s largest economy demonstrating its economic strength by promoting homegrown companies like Flutterwave across the continent. He argued that strategically positioning these services would reinforce Nigeria’s leadership in the African market.

Takang also raised concerns about Flutterwave’s substantial monthly expenditure on hosting services, which currently benefits foreign companies. He proposed that the government support Galaxy Backbone’s hosting services to cater to the needs of companies like Flutterwave. This, he explained, would ensure that revenue generated from these services remains within Nigeria, strengthening the country’s domestic digital infrastructure.

President Tinubu’s commitment to supporting Fintech businesses like Flutterwave signals a strong push toward fostering a thriving digital economy in Nigeria. This support aims to create an enabling environment for innovation, job creation, and economic growth, ultimately benefiting both Nigerians and the broader African community.