Ayodeji Ayenuwa
In a decisive move signaling their faith in Kenya’s financial standing, The Africa-based fintech giant Flutterwave has revealed plans to invest $50 million in the country. This announcement was made by Flutterwave’s CEO and Co-founder, Olugbenga Agboola, during an exclusive interview conducted in Nairobi.
Flutterwave’s aspirations in Kenya have been stimulated by the granting of preliminary approval by the Central Bank of Kenya (CBK). This significant milestone paves the way for a rollout of investments once the operating license is secured.
Renowned for its recent foray into India through their partnership with IndusInd Bank Ltd., the fintech giant is now set to boost its foothold in Kenya by expanding its payments and remittances portfolio.
Agboola highlighted the company’s deep-seated commitment to this endeavor, revealing detailed plans for infrastructure investments, the establishment of a new office, and a recruitment drive to support the operation. He expressed gratitude for the support of the current administration, which has further strengthened their resolve.
Presently, Flutterwave boasts a workforce of approximately 27 employees in Kenya and has submitted applications for payments service provider and remittance licenses. These licenses would empower the provision of financial services, including money deposits, withdrawals, and electronic funds transfers.
Flutterwave’s journey in Kenya hasn’t been without its share of challenges. Last year, the company faced scrutiny from the Central Bank of Kenya (CBK) for operating without formal approval and allegations of money laundering investigated by the Asset Recovery Agency (ARA).
Acquiring the Kenyan license would not only solidify Flutterwave’s presence but also extend its reach beyond its established African markets.
