President Bola Tinubu has approved a $75 million direct government investment in Flutterwave, a Nigerian-based financial technology company with global operational reach, as part of the Nigerian government’s investments in promising digital entities with huge potential for transforming the nation’s digital economic drive.
The President’s Special Assistant on Social Media, Olusegun Dada, who made this disclosure in a post on X, indicated that the investment in the fintech underscored the government’s readiness to support technology companies, particularly those championing digital payments and financial inclusion in the country, and Sub-Saharan Africa (SSA).
The investment is coming on the heels of current plans by Flutterwave to go public by listing its shares on the Nigerian Exchange.
Prior to the approval of the $75 million government’s equity stake in the fintech, the President had promised government’s support for fintech companies that are providing critical payment infrastructure in the country.
- Advertisement -
This pledge was made by the President during a meeting in Abuja with the company’s leadership and representatives of Alami Capital, stressing that Nigeria is “genuinely open to business” and committed to dismantling barriers that hinder enterprise growth.
He commended Flutterwave’s drive for the nation’s digital economy agenda, including the contributions of young Nigerians in building globally competitive technology platforms.
The founder of the fintech, Olugbenga Agboola, then told the President that the company had in the past few years of operations simplified access to digital services globally by enabling Nigerians to do business transactions in Naira, and also providing reliable remittance channels for diaspora.
He also confirmed the company’s intention to list on the Nigerian equities market and solicited government’s support on the investment drive to deepen local investor participation in the market and enhance its visibility in the digital payment space.
In his remark, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, described Flutterwave as a model of economic diversification based on its impact on job creation and digital transformation over the past years
Flutterwave is currently operating in over 30 countries, including Nigeria, the United States, Canada, Kenya, Uganda, Ghana and South Africa, as a frontline promoter of the digital payment ecosystem and enabling seamless inter-border transactions for businesses and individuals globally.
