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Flutterwave To Invest $50 Million in Kenya

Flutterwave, a San Francisco and Lagos-based fintech company run by Nigerian tech millionaire Olugbenga Agboola, has announced plans to invest $50 million in Kenya, fuelled by growing optimism about the issuance of its operating license in the country.

In a recent media interview in Nairobi, Flutterwave CEO and Co-Founder Olugbenga Agboola revealed this strategic move. The announcement follows Flutterwave’s announcement of an ambitious expansion into the Indian market as part of its ambition to revolutionize Africa’s lethargic payments sector.

Agboola, during the interview, stated: “We are committing no less than $50 million to this endeavour. We are actively recruiting talent, securing new office space, and bolstering our infrastructure. There is substantial potential in Kenya, and we are thrilled to be progressing through the approval process. We persevered even when faced with challenges. The current administration has been very supportive.”

When asked about the timescale for starting operations in Kenya, Agboola exhibited tremendous optimism, saying, “We are highly confident about Kenya, and once the license is granted, our team in the country is prepared to spring into action the very next day.”

Agboola went on a transformative journey in 2016 when he founded Flutterwave, a software startup that uses quick integration to open doors for African businesses and customers. Flutterwave, founded by Agboola, is a shining example of worldwide success in the African fintech sector, with headquarters in San Francisco and Lagos.

This year, the company expanded its operations into Rwanda and Egypt, taking a huge step toward its objective of changing Africa’s payments scene. Flutterwave has also just formed an important cooperation with IndusInd Bank Ltd., one of India’s major financial services providers.

Flutterwave expanded its global reach earlier this year through a technological collaboration with Microsoft, the international technology giant co-founded by US billionaires Bill Gates and Paul Allen.

Flutterwave has signed an arrangement with Capgemini, a famous French IT service management business, in addition to its cooperation with IndusInd Bank, a Mumbai-based financial services provider serving 35 million consumers.

The collaboration aims to boost Flutterwave’s engineering infrastructure and position in the fintech industry.

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