President Bola Ahmed Tinubu has reaffirmed his administration’s commitment to supporting financial technology (FinTech) companies that provide payment infrastructure for Nigerians and Africans.
In a statement, Special Adviser to the President on Information and Strategy Bayo Onanuga said the President made this pledge during a meeting with the leadership of Flutterwave and Alami Capital in Abuja on Saturday.
Flutterwave, a leading Nigerian-founded FinTech firm, operates in over 30 African countries, as well as in the United States, Canada, Kenya, Uganda, Ghana, and South Africa. The company was represented at the meeting by CEO Olugbenga Agboola, Co-founder Adeleke Adekoya, Oluwabankole Falade, and Mitesh Popat, while Alami Capital was represented by CEO Oluseun Olufemi-White.
The delegation was led by Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and included 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 that Nigeria remains open for business, assuring that his administration is committed to removing barriers that hinder companies from thriving. He praised Flutterwave’s contributions to the digital economy, noting that its innovation and leadership in the sector are crucial for economic growth and financial inclusion.
Minister Wale Edun highlighted Flutterwave’s 10-year journey, emphasizing its role in job creation, economic diversification, and cross-border payments across Africa.
CEO Olugbenga Agboola revealed that Flutterwave, valued at over $3 billion, facilitates global payments in Naira and provides remittance solutions for Nigerians abroad. He expressed the company’s intention to list on the Nigerian Exchange (NGX) and sought the President’s support.
MOFI’s Dr. Armstrong Ume Takang stressed the need for Nigeria to strategically position its tech companies for continental expansion. He also proposed leveraging Galaxy Backbone’s hosting services to retain IT infrastructure spending within Nigeria, rather than outsourcing it to foreign providers.
