Nigerian fintech company Flutterwave is preparing a $50 million investment in Kenya as part of its efforts to secure a payments and remittances license in the country. Flutterwave CEO Olugbenga Agboola stated that the company has received preliminary approval from the Central Bank of Kenya and is ready to proceed with phased investments upon obtaining the license. Flutterwave, which currently employs around 27 staff in Kenya, has applied for both payments service provider and remittances licenses to facilitate various financial services.
Additional Information: Flutterwave has faced regulatory challenges in Kenya in the past but has now received preliminary approval to operate in the country. This planned investment is part of Flutterwave’s broader expansion across Africa, where it provides payment infrastructure for merchants and service providers in several countries, including Nigeria, Egypt, South Africa, Rwanda, Tanzania, and Cameroon. In Kenya, Flutterwave aims to target merchants in various sectors, including entertainment, hospitality, logistics, and healthcare.
Analysis: Flutterwave’s substantial investment underscores the company’s commitment to establishing a significant presence in the Kenyan fintech market. If successfully executed, this move can lead to increased competition and innovation in Kenya’s payments and remittances sector. It also signifies Kenya’s growing importance as a hub for fintech innovation and investment in Africa.
