In a recent interview with Kenyan media, Flutterwave’s Co-founder, Olugbenga Agboola, revealed plans to invest $50 million (Sh7.3 billion) into Kenya once the company secures the necessary licenses to operate in the country.
The Flutterwave co-founder referred to Kenya as a land of vast opportunities and emphasized the company’s intent to leverage innovations like Safaricom’s M-Pesa in its money transfer and e-commerce platforms.
Flutterwave recently received name approval from the Central Bank of Kenya (CBK) for its remittance business, marking a significant step toward acquiring a money remittance license. However, specific timelines for the license issuance remain undisclosed, pending CBK’s decision.
Agboola expressed optimism about the ongoing communication with CBK and the licensing process. Flutterwave has been seeking clearance in Kenya since 2019 when it applied for a Payment Service Provider license. The company also intends to launch its e-commerce segment, Flutterwave Store, in the country.
Flutterwave, which currently operates in over 30 African countries, processes more than two million transactions annually, with a total value of nearly $20 billion. Agboola envisions his company becoming a key facilitator of pan-African trade by offering efficient and affordable money transfer solutions to the continent’s one billion population.
Despite legal challenges in Kenya, including a freezing of funds by the Asset and Recovery Agency (ARA) over money laundering and fraud claims, Flutterwave remains undeterred. Agboola stressed the importance of adhering to the rule of law and justice.
In a recent expansion move, Flutterwave also launched operations in India, partnering with IndusInd Bank, marking a significant milestone as the first African company to facilitate seamless remittances from India to Africa. Additionally, the company introduced “Swap,” an FX trade platform designed to enhance the ease, security, and financial rewards of currency exchange, benefiting both consumers and businesses.
Flutterwave’s $50 million investment in Kenya reiterates the company’s goal to expand its presence across diverse African markets, including Egypt, South Africa, Nigeria, Rwanda, Tanzania, and Cameroon, where it provides essential payment infrastructure for a wide range of merchants and service providers. Agboola noted that Flutterwave would target merchants in various sectors, including entertainment, hospitality, logistics, and healthcare.