Flutterwave, one of Nigerian financial technology firm, has unveiled it plan to invest $50 million (KSh7.33 billion) in Kenya once the Central Bank of Kenya (CBK) approved it operating licence.
The fintech firm has already opted in for both a payments service provider and remittance licences. These Licences will allows Flutterwave to facilitate money deposit and withdrawal in addition to electronic funds transfer in Kenya.
Upon License approval, Kenya will be among other African markets such as Nigeria, Rwanda, South Africa, Tanzania, Egypt and Cameroon where Flutterwave offers payment infrastructure for merchants and other service providers.
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According to Flutterwave Founder and CEO Olugbenga Agboola, the fintech firm will be focusing more on merchants in nearly all sectors including entertainment, e-commerce, hospitality, real estate, logistics, and health.
Agboola also cited that the fintech firm has faced lots of challenges in Kenya. He said after the CBK flagged the company for operating in the country without approval last year, it faced investigations from the Asset Recovery Agency (ARA) over money laundering allegations but was later cleared.
In addition to Flutterwave awaiting licence from the CBK, the fintech has received first-name approval from the Apex bank and stands ready for phased investments once it fully receives an operating license.
Flutterwave is a fintech company that’s making wave accross various sectors in different countries. It was recently announced that the financial institution has expanded it services to India through a partnership with IndusInd Bank Ltd., one of India’s leading financial services providers. Now, focusing Kenya!
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