Flutterwave, a Nigerian fintech company, has revealed plans to invest $50 million in Kenya amid high hopes that the nation will soon grant it an operating license.
Olugbenga Agboola, the company’s chief executive officer and co-founder, revealed this in a Nairobi media interview.
He added that the company is prepared for staged investments once it acquires a license and has first-name approval from the Central Bank of Kenya (CBK).
Flutterwave is seeking to grow its payments and remittances company to Kenya. It recently expanded to India through a relationship with IndusInd Bank Ltd., one of India’s top financial services companies.
During the interview, Agboola emphasized the company’s operation preparations prior to the approval of its license.
“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.”
The CEO of Flutterwave remarked that he hoped the license would be approved by the Kenyan regulatory body:
“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.”
According to The East African, one of Kenya’s media outlets, Flutterwave now employs roughly 27 people in Kenya and has applied for both remittance and payments service provider licenses, which will enable money deposit and withdrawal in addition to electronic funds transfer.
Following the CBK’s warning that Flutterwave was operating illegally in the country, the company encountered difficulties. The Asset Recovery Agency (ARA) also conducted investigations against it in response to claims of money laundering, although it was later exonerated.
Agboola asserted that despite the storm, the business has emerged stronger and is prepared to investigate opportunities in the nation.
“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
Obtaining certification in Kenya will increase the number of African markets where Flutterwave offers payment infrastructure to businesses and service providers, including Egypt, South Africa, Nigeria, Rwanda, Tanzania, and Cameroon.
According to Agboola, Flutterwave would target business owners in almost every industry, including the hotel, logistics, and health sectors.
