Flutterwave's $50 Million Investment Signals Optimism in Kenyan Market Potential

20 Sep 2023

Olugbenga Agboola, who is the CEO and co-founder of Flutterwave, shared this news during a recent interview with the media. He also told everyone that Flutterwave has already gotten an okay from the Central Bank of Kenya (CBK). They're all set to start spending money once they have the official go-ahead.

This plan lines up with Flutterwave's goal to get more involved in Kenya, especially in the payment and money transfer business.

Agboola also said that they're getting ready for their operations in Kenya. He said, "We're preparing to spend at least $50 million, hire people, get a new office, and improve our infrastructure. Kenya has a lot of potential, and we're dedicated to following all the rules. We kept going, even when things got tough, and we appreciate the support from the government."

Agboola is hopeful that Kenyan authorities will give them the green light. He said, "We're very positive about Kenya, and once we get permission, our team in Kenya is ready to start working."

Right now, Flutterwave has around 27 employees in Kenya, and they've applied for licenses to handle payments and money transfers. These licenses will allow them to help people put money in and take it out, as well as move money electronically.

Last year, Flutterwave had some problems in Kenya. The CBK wasn't happy about them doing business without permission. They also had to deal with investigations about money laundering, but they were cleared of any wrongdoing.

Agboola says they've learned from these tough times and are now ready to explore opportunities in Kenya. He said, "We went through some hard times in Kenya, but we're stronger now. We see a lot of potential here, and we want to be a part of Kenya's growth."

Getting the thumbs up in Kenya will add to Flutterwave's already big presence in different African markets like Egypt, South Africa, Nigeria, Rwanda, Tanzania, and Cameroon. They help businesses and service providers handle payments in these places.

Agboola also said that Flutterwave wants to help all sorts of businesses, like those in entertainment, hotels, shipping, and healthcare.

 

Just last week, Flutterwave started working in India. They teamed up with IndusInd Bank, which is a big bank in India. This is a big step for them as they grow and make it easier for people to handle their money around the world.

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