President Tinubu pledges support for fintech sector as Flutterwave eyes NGX listing
By Kunle Sanni
President Bola Tinubu has reaffirmed his administration’s commitment to supporting financial technology companies that provide essential payment infrastructure for Nigerians and Africans.
According to a statement by Bayo Onanuga, Special Adviser to the President on Information and Strategy, Tinubu made this pledge during a meeting with the leadership of Flutterwave and Alami Capital in Abuja on Saturday.
The visit comes as Flutterwave, a leading Nigerian fintech giant, seeks a listing on the Nigerian Exchange (NGX).
Founded by young Nigerian entrepreneurs and headquartered in Lagos, Flutterwave operates in over 30 African countries, as well as the United States, Canada, and several nations, including Kenya, Uganda, Ghana, and South Africa.
Representatives at the meeting included Olugbenga Agboola (CEO), Adeleke Adekoya (Co-founder), Oluwabankole Falade, and Mitesh Popat from Flutterwave, alongside Oluseun Olufemi-White, CEO of Alami Capital.
The delegation was led by Wale Edun, Minister of Finance and Coordinating Minister of the Economy, with other officials such as Dr. Armstrong Ume Takang, Managing Director of the Ministry of Finance Incorporated (MOFI), and Dr. Inuwa Kashifu Abdullahi, Director General of the National Information Technology Development Agency (NITDA).
President Tinubu emphasized his dedication to creating a business-friendly environment by removing obstacles that hinder company growth. He praised Flutterwave for its leadership in the digital economy, particularly highlighting the contributions of Nigeria’s vibrant and resourceful youth.
“The leadership Flutterwave offers in the digital space is exactly what Nigeria needs to grow its economy and improve the lives of its citizens,” President Tinubu said.
Finance Minister Wale Edun also commended Flutterwave’s impact over the last decade, noting its role in job creation and economic diversification through innovative payment solutions across Africa.
During the meeting, Flutterwave CEO Olugbenga Agboola highlighted the company’s achievements, including facilitating Naira payments for global services and enabling Nigerians in the diaspora to send money home easily.
He also revealed that Flutterwave, valued at over $3 billion and employing over 1,000 Nigerians, is seeking the President’s backing for its planned listing on the Nigerian Exchange.
Dr. Armstrong Ume Takang of MOFI emphasized the importance of supporting Nigerian companies like Flutterwave to strengthen Nigeria’s position as Africa’s largest economy. He suggested that supporting local hosting services, such as Galaxy Backbone, could help retain revenue currently spent abroad on digital infrastructure.
