African giant fintech, Flutterwave has disclosed its ambitious intention to invest $50 million in Kenya, reflecting its strong confidence in obtaining an operational license in the country.
This announcement was made by Olugbenga Agboola, Flutterwave’s Chief Executive and Co-founder, during a recent media interview.
Mr Agboola also revealed that Flutterwave has received preliminary approval from the Central Bank of Kenya (CBK) and is fully prepared to make phased investments once the official license is granted.
This strategic move aligns with Flutterwave’s broader objective of expanding its presence in the Kenyan market, particularly in the payments and remittances sector.
In anticipation of the forthcoming license approval, Mr. Agboola emphasized the company’s proactive preparations for its operations in Kenya, stating, “We are gearing up to invest at least $50 million, hiring staff, securing a new office, and scaling up our infrastructure. There’s significant potential in Kenya, and we are committed to the approval process. We persevered even during challenging times, and we appreciate the support from the current administration.”
Expressing high hopes for the license approval by Kenyan regulatory authorities, Agboola added, “We are highly optimistic about Kenya, and once we obtain the license, our team in the country is ready to hit the ground running.”
Currently, Flutterwave maintains approximately 27 staff members in Kenya and has applied for both payment service provider and remittance licenses. These licenses will enable the company to facilitate money deposit and withdrawal, as well as electronic funds transfers.
Flutterwave encountered challenges in Kenya last year when the CBK raised concerns about its operations without prior approval.
Additionally, it faced investigations by the Asset Recovery Agency (ARA) related to money laundering allegations but was subsequently cleared of any wrongdoing.
However, Mr Agboola emphasized that the company emerged stronger from these challenges and is now fully prepared to explore opportunities in Kenya.
He stated, “We’ve undergone a rigorous test in Kenya, and we have emerged stronger. We see tremendous potential here and are committed to contributing to the Kenyan market.”
Securing approval in Kenya will complement Flutterwave’s existing presence in various African markets, including Egypt, South Africa, Nigeria, Rwanda, Tanzania, and Cameroon, where it provides vital payment infrastructure solutions for merchants and service providers.
Mr Agboola highlighted that Flutterwave aims to serve merchants across various sectors, including entertainment, hospitality, logistics, and health.
Just last week, the company expanded its operations into India through a strategic partnership with IndusInd Bank, one of India’s prominent financial institutions.