Tuesday, October 3, 2023

After receiving first-name approval from the Central Bank of Kenya, Flutterwave plans to invest $50m in Kenya

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Flutterwave, a Nigerian fintech company, plans to invest $50 million in Kenya. Olugbenga Agboola, the Chief Executive Officer (CEO) and Co-Founder, revealed this in a media interview in Nairobi.

He added the company has received first-name approval from the Central Bank of Kenya (CBK), and it’s prepared for phased investments once it gets a licence.

In April 2023, Flutterwave announced it would establish its primary operations station in Nairobi for the East African market. 

Agboola reiterated the company”s intention to open a new office there, and also stated that it would expand its infrastructure and hire staff in the country. Flutterwave currently has 27 employees in Kenya.  

It has submitted applications for a payments service provider licence and a remittances licence to allow electronic funds transfers, money deposits, and withdrawals.

“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 said. 

Flutterwave launched Swap, backed by the Central Bank of Nigeria (CBN), on September 4, 2023, as a digital platform for Nigerians to gain immediate access to foreign currency at competitive exchange rates.

Last week, it partnered with an Indian bank, IndusInd, to launch its remittance service, Send App, in the Asian country. The collaboration allows anyone using Flutterwave to transfer funds from India to the 30 African nations where the fintech company operates.

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