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Flutterwave’s Co-founder, Olugbenga Agboola, has revealed the company’s intention to invest $50 million (Sh7.3 billion) in Kenya, pending the acquisition of the necessary licenses to operate within the country.
In an interview with Kenyan media, Agboola expressed the significance of Kenya as a land of vast opportunities. He highlighted Flutterwave’s eagerness to incorporate innovations like Safaricom’s M-Pesa into its money transfer and e-commerce platforms.
Flutterwave recently received name approval from the Central Bank of Kenya (CBK) for its remittance business, a crucial step toward obtaining a money remittance license. However, the specific timeline for license issuance remains undisclosed, pending CBK’s decision.
Agboola conveyed optimism regarding the ongoing communication with CBK and the licensing process. Flutterwave has been pursuing clearance in Kenya since 2019 when it initially applied for a Payment Service Provider license. The company also intends to launch its e-commerce segment, Flutterwave Store, in the country.
Flutterwave, currently operational in over 30 African nations, processes more than two million transactions annually, with a total value approaching $20 billion. Agboola envisions his company playing a pivotal role in facilitating pan-African trade by offering efficient and affordable money transfer solutions to the continent’s one billion population.
Despite encountering legal challenges in Kenya, such as the freezing of funds by the Asset and Recovery Agency (ARA) due to money laundering and fraud allegations, Flutterwave remains steadfast. Agboola emphasized the company’s commitment to upholding the rule of law and justice.
As part of its recent expansion efforts, Flutterwave launched operations in India, forming a partnership with IndusInd Bank. This milestone marked Flutterwave as the first African company to facilitate seamless remittances from India to Africa. Additionally, the company introduced “Swap,” an FX trade platform designed to enhance the convenience, security, and financial benefits of currency exchange for both consumers and businesses.
Flutterwave’s $50 million investment plan in Kenya underscores the company’s determination to expand its presence across diverse African markets. These include Egypt, South Africa, Nigeria, Rwanda, Tanzania, and Cameroon, where Flutterwave provides essential payment infrastructure for a wide array of merchants and service providers. Agboola emphasized Flutterwave’s intention to target merchants in various sectors, including entertainment, hospitality, logistics, and healthcare.
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