The Federal Government says it is determined to remove all obstacles in the country’s financial technology sector to allow operating companies continue to thrive and flourish.
President Bola Tinubu who gave the assurance on Saturday in Abuja said Nigeria was genuinely open to business in the different sectors of the economy.
Th President spoke when the management of Flutterwave led by its Chief Executive Officer, Olugbenga Agboola, and its co-founder, Adeleke Adekoya visited him in Aso Villa in Abuja.
Flutterwave, a leading Fintech company founded by some young Nigerian entrepreneurs, with headquarters in Lagos, operates in the Nigeria, Kenya, Uganda, Ghana, South Africa, and 29 other African countries as well as the United States and Canada.
The Chief Executive Officer of Alami Capital, Ms Oluseun Olufemi-White was also at the meeting, accompanied by other top officials of Flutterwave, including Oluwabankole Falade and Mitesh Popat.
Also in attendance were the Minister of Finance and Coordinating Minister of the Economy, Wale Edun; the Managing Director and Chief Executive of the Ministry of Finance Incorporated (MOFI), Dr. Armstrong Takang, and the Director General/ Chief Executive Officer of the National Information Technology Development Agency (NITDA), Dr. Inuwa Kashifu Abdullahi.
The President said his administration was determined to support businesses in the financial technology sector that provide payment infrastructure services for Nigerians and Africans.
He commended Flutterwave’s commitment to building capacity in the digital economy sector, particularly as it was being championed by some young energetic Nigerians.
Acknowledging the leadership provided by Flutterwave in the digital world, the President said the resourcefulness of its promoters was what Nigeria needed today to grow its economy and make life easier for most of its population.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said Flutterwave has made significant progress since its establishment ten years ago.
Apart from its creation of job opportunities for the teeming population of Nigerian youths, the Minister said the company has also helped in diversifying the economy by providing innovative digital platforms and payment services not only in Nigeria, but across Africa.
The CEO of Flutterwave, Agboola, said the company was able to make it easy for Nigerians to pay for some global services with Naira, in addition to providing payment platforms for Nigerians in the diaspora willing to send money to their families and relatives in the country.
He said Flutterwave, currently valued at over $3billion, was a Nigerian export and brand ambassador, with over 1,000 Nigerians on its payroll.
Agboola who disclosed that the company was seeking to be listed on the Nigerian Stock Exchange solicited the President’s support.
The Managing Director and Chief Executive of MOFI, Dr. Armstrong Takang, said that as Africa’s biggest economy, Nigeria must be deliberate in demonstrating its economic prowess by strategically positioning products and services by Nigerian companies, such as Flutterwave, in the homes of all Africans.
Takang who noted that Flutterwave spends millions of dollars monthly on hosting services, but expressed regrets that these money usually goes to other countries.
He stressed the need for the Federal Government to support Galaxy Backbone’s services to enable it handle companies like Flutterwave.
