Nigerian fintech, Flutterwave, has announced plans to invest $50 million investment in Kenya amid high optimism that its operating licence in the country would be issued soon.
The company’s Chief Executive and Co-founder Olugbenga Agboola disclosed this in a media interview in Nairobi.
He also noted that the firm has received first-name approval from the Central Bank of Kenya (CBK) and stands ready for phased investments once it receives a license.
Flutterwave, which recently expanded to India through a partnership with IndusInd Bank Ltd., one of India’s leading financial services providers, is also pushing to expand its payments and remittances business to Kenya.
The preparations
Highlighting the company’s preparations for the operation ahead of its licence approval, Agboola in the interview said:
- “We are looking at investing not less than $50 million. We are employing people. We are getting a new office and scaling up our infrastructure.
- “There is a lot to do in Kenya. We are happy we are going through the process of approval. We didn’t chicken out. We stayed the course even when everything stopped. The current administration is very supportive.”
Expressing the hope that the licence would be granted by the Kenyan regulatory authority, the Flutterwave CEO added:
- “We are very optimistic about Kenya and once we get the license, our team in the country is ready to deploy the very next day.”
One of Kenyan media platforms, The East African, reported that Flutterwave currently has about 27 staff in Kenya, and has applied for both a payments service provider and remittance licences that will facilitate money deposit and withdrawal in addition to electronic funds transfer.
Baptism of Fire in Kenya
Flutterwave ran into challenges last year after the CBK flagged it for operating in the country without approval. It also faced investigations from the Asset Recovery Agency (ARA) over money laundering allegations but was later cleared.
However, Agboola said the company has come out of the storm stronger and it is ready to explore opportunities in the country.
- “We have gone through a baptism of fire in Kenya, and we have come out. We have seen opportunities in Kenya, and we want to play here,” Agboola said
Getting approval in Kenya will add to other African markets such as Egypt, South Africa, Nigeria, Rwanda, Tanzania, and Cameroon where Flutterwave provides payment infrastructure for merchants and service providers.
Agboola said Flutterwave would be targeting merchants in nearly all sectors including entertainment, hospitality, logistics, and health.
