Kenya: Flutterwave Secures Initial Approval from CBK for Expansion Amid Rapid African Growth

Flutterwave Inc., the prominent Pan-African payments company, is poised for an expansive journey in its operating markets, driven by optimism and strategic plans.

Over the course of seven years, the company has demonstrated remarkable growth, extending its presence to nearly 30 African countries. In an exclusive interview with Bloomberg, Olugbenga Agboola, co-founder of Flutterwave, articulated the company’s vision to fortify its position in existing markets and attain noteworthy licensing milestones.

Agboola underlined the aspiration to establish Flutterwave as the preferred and dependable platform for merchants and consumers across Africa. He stressed Africa’s vast potential as a market and expressed unwavering confidence in its growth prospects.

Recently, Flutterwave unveiled an enhanced iteration of its remittance capabilities, targeting the United States, Canada, and Egypt. The upgraded product, now rebranded as “Send App by Flutterwave,” empowers efficient and cost-effective cross-border money transfers from the African diaspora to their loved ones in Africa.

The Send App encompasses transfers from the US and Canada, now extending its services to Egypt and Sénégal. Since its introduction in 2021, Send by Flutterwave has emerged as a secure conduit, bridging geographical barriers and fostering seamless connections between the African diaspora and their home nations.

This rebranding coincides with a pivotal moment of growth in remittances to Africa, which have doubled over the past decade, amassing an estimated $100 billion in 2022, according to the United Nations. These funds play a crucial role in sustaining essential needs like medical expenses, education fees, and day-to-day living costs for approximately 200 million family members across the continent.

In a significant stride, Flutterwave has secured preliminary approval from the Central Bank to initiate the process of obtaining a money remittance license. Agboola anticipates the final issuance of the license in the near future.

Reiterating the company’s commitment to expanding its financial reach, Agboola affirmed Flutterwave’s intentions to proceed with its Initial Public Offering (IPO). He highlighted the goal of attracting investors interested in collaborating with publicly listed enterprises. While Flutterwave has contemplated listing its shares in both New York and Nigeria, Agboola refrained from sharing specific details at this time.

With operational hubs in Lagos and San Francisco, Flutterwave has garnered substantial investments from renowned venture capital firms such as Tiger Global Management LLC. The company has forged strategic alliances with industry titans including Alibaba’s Alipay, Uber Technologies Inc., and Netflix Inc.