President Bola Tinubu has pledged his administration’s commitment to supporting the growth of the financial technology (Fintech) sector, particularly businesses providing payment infrastructure in Nigeria and across Africa. Speaking at a meeting with Flutterwave and Alami Capital leaders at the State House in Abuja, the president emphasized that Nigeria is open to business and ready to eliminate any barriers hindering company growth. This declaration aligns with the country’s drive to foster a business-friendly environment for innovative sectors like Fintech.
During the meeting, Flutterwave, a prominent Nigerian-founded Fintech company, expressed interest in listing on the Nigerian Exchange and sought the president’s backing. The company, which operates in multiple African nations and beyond, was represented by its CEO Olugbenga Agboola, co-founders Adeleke Adekoya and Oluwabankole Falade, and other key executives. They were joined by representatives from Alami Capital and senior officials, including Nigeria’s Minister of Finance Wale Edun and Director General of NITDA, Dr. Inuwa Kashifu Abdullahi.
President Tinubu commended Flutterwave for its contributions to the digital economy, particularly its efforts to offer easy access to payment solutions for Nigerians and the African diaspora. Highlighting the company’s innovative payment platforms, which enable global transactions in Naira and facilitate remittances from abroad, the president acknowledged Flutterwave’s impact in creating jobs and diversifying Nigeria’s economy. Tinubu also celebrated the company’s leadership in the digital space as a critical factor for Nigeria’s economic growth.
The discussion also touched on the need for improved local hosting infrastructure to support companies like Flutterwave. Dr. Armstrong Takang from the Ministry of Finance Incorporated suggested promoting local hosting services through Galaxy Backbone, which could save millions in foreign hosting fees. This conversation marks a step toward strengthening Nigeria’s digital economy and positioning its homegrown companies as key players across Africa.
SOURCE: ARISE