President Bola Tinubu on Sunday supported Flutterwave, a leading African fintech company, on a quest to get listed on the Nigerian Exchange (NGX).
This development marks a crucial step for the company as it seeks to expand its presence in the Nigerian financial sector.
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Meeting with President Tinubu
During a meeting at the Presidential Villa in Abuja, Flutterwave’s CEO, Olugbenga Agboola, requested President Tinubu’s support for the company’s NGX listing.
Agboola highlighted Flutterwave’s role in simplifying payments for Nigerians using the naira and providing platforms for diaspora Nigerians to send money home. He emphasised that Flutterwave, valued at over $3 billion, employs over 1,000 Nigerians and is a prominent Nigerian export.
President Tinubu assured that his administration will continue to support businesses in the fintech sector, stating, “Nigeria is genuinely open to business, and as President, I am determined to remove all obstacles to allow companies to thrive”.
He commended Flutterwave’s contributions to the digital economy, particularly noting the role of young Nigerians in the company’s success.
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Projected impact on the Nigerian economy
The potential listing of Flutterwave on the NGX is expected to boost investor confidence in Nigeria’s tech ecosystem.
Minister of Finance Wale Edun noted that Flutterwave and similar companies have created jobs and helped diversify the economy by providing innovative digital platforms and payment services across Africa.
Dr. Armstrong Takang, Managing Director of the Ministry of Finance Incorporated (MOFI), emphasised the need for Nigeria to strategically position its indigenous companies like Flutterwave in the global financial arena.
President Tinubu’s support underscores his administration’s commitment to fostering growth in the fintech sector, which is crucial for Nigeria’s economic development.