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Key Points
- The fintech giant, led by Olugbenga Agboola, is considering a listing on the Nigerian Exchange, aligning with its long-term IPO ambitions.
- President Tinubu pledged support for Nigeria’s fintech sector, assuring a business-friendly environment during a meeting with Flutterwave executives in Abuja.
- The company secured key licenses in Ghana and Uganda, reinforcing its position as a leading digital payments provider across the continent.
Flutterwave, the San Francisco and Lagos-based fintech giant led by Nigerian tech entrepreneur Olugbenga Agboola, is considering a listing on the Nigerian Exchange (NGX). The company’s leadership made this known during a visit to Nigeria’s Presidential Villa in Abuja on Saturday. This comes as Flutterwave continues to emphasize that its long-awaited initial public offering (IPO) will only happen once the company becomes profitable.
Tinubu pledges support for Nigeria’s fintech growth
President Bola Tinubu, in a show of support for the fintech sector, assured the company of his administration’s commitment to creating a business-friendly environment. “Nigeria is genuinely open to business, and as President, I am determined to remove all obstacles to allow companies to thrive,” Tinubu said during the meeting with Flutterwave and Alami Capital executives at the Presidential Villa.
The delegation included Flutterwave CEO Olugbenga Agboola, co-founder Adeleke Adekoya, Chief Regulatory and Government Affairs Officer Oluwabankole Falade, and Mitesh Popat. Also present was Oluseun Olufemi-White, CEO of Alami Capital. The meeting underscored the government’s interest in fostering growth within Nigeria’s fintech sector and supporting companies like Flutterwave in their efforts to drive economic development.
Tinubu praised Flutterwave’s contributions to the digital economy, particularly recognizing the role of young Nigerians in the company’s success. “The leadership Flutterwave provides in the digital world is what Nigeria needs today to grow its economy and make life easier for most of its population,” he said.
Agboola, in turn, highlighted Flutterwave’s impact, including its role in facilitating global payments for Nigerians and enabling diaspora remittances. “Flutterwave, valued at over $3 billion, is a Nigerian export and brand employing over 1,000 Nigerians,” he said, formally requesting Tinubu’s support for the company’s ambitions to list on the NGX.
Flutterwave’s growth transforms African fintech
Since 2016, Flutterwave has grown into one of Africa’s biggest fintech success stories. With dual headquarters in San Francisco and Lagos, the company processes payments in over 30 currencies across 40 countries, solidifying its reputation as a leader in digital payments.
In early 2022, Flutterwave’s valuation surged to $3 billion after raising $250 million in funding, more than tripling its previous $1 billion valuation. By 2024, CNBC reported that the valuation had climbed to $3.2 billion, cementing its position as Africa’s most valuable startup. Despite this rapid growth, Flutterwave remains focused on its core business—remittance services and enterprise solutions—reporting a 50 percent increase in revenue in the first half of 2024.
The company has also been aggressively expanding across Africa. In 2024, it secured an Enhanced Category Payment Service Provider License from the Bank of Ghana, allowing it to bypass third-party services and offer more direct payment solutions in the country. Soon after, it obtained a Payment Systems Operator (PSO) license from the Bank of Uganda, paving the way for greater expansion in East Africa.
Flutterwave has been considering an IPO since 2022 when it first disclosed plans to list on the NASDAQ stock exchange. A dual listing on the NGX would mark a significant milestone for the company and is expected to boost investor confidence in Nigeria’s growing tech ecosystem.
