Flutterwave, a Nigerian fintech company announced plans to pump Ksh7.3 billion (USD 50 million) to bolster its operations in Kenya.
According to Flutterwave Chief Executive Officer (CEO) Olugbenga Agboola, the company is ready to inject the money after receiving full approval from the Central Bank of Kenya (CBK).
The money is expected to help the company increase its workforce and acquire new operation centers across the country contributing to positive growth of the Kenyan economy.
“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,” Agboola, who’s Flutterwave founder stated.
“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,” he added.
Speaking on previous setback, the CEO affirmed that the company was investigated by the Asset Recovery Agency (ARA) over money laundering allegations but was later cleared.
“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,” he insisted.
Currently, Flutterwave has 27 employees in Kenya and is poised to focus on both providing payment services and remittances that will facilitate money deposit and withdrawal in addition to electronic funds transfer.
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.
Launched in April 2020, the e-commerce platform was revamped in November 2022 to Flutterwave Market.
It has grown to over 30,000 merchants and consumers can shop for various products.
