Flutterwave plans $50 million investment in Kenya as it awaits licence 

Nigerian fintech, Flutterwave, has announced plans to invest $50 million investment in Kenya amid high optimism that its operating licence in the country would be issued soon.  

The company’s Chief Executive and Co-founder Olugbenga Agboola disclosed this in a media interview in Nairobi.

He also noted that the firm has received first-name approval from the Central Bank of Kenya (CBK) and stands ready for phased investments once it receives a license. 

Flutterwave, which recently expanded to India through a partnership with IndusInd Bank Ltd., one of India’s leading financial services providers, is also pushing to expand its payments and remittances business to Kenya.  

Highlighting the company’s preparations for the operation ahead of its licence approval, Agboola in the interview said: 

Expressing the hope that the licence would be granted by the Kenyan regulatory authority, the Flutterwave CEO added:  

One of Kenyan media platforms, The East African, reported that Flutterwave currently has about 27 staff in Kenya, and has applied for both a payments service provider and remittance licences that will facilitate money deposit and withdrawal in addition to electronic funds transfer. 

Flutterwave ran into challenges last year after the CBK flagged it for operating in the country without approval. It also faced investigations from the Asset Recovery Agency (ARA) over money laundering allegations but was later cleared. 

However, Agboola said the company has come out of the storm stronger and it is ready to explore opportunities in the country.  

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.

Agboola said Flutterwave would be targeting merchants in nearly all sectors including entertainment, hospitality, logistics, and health.