Flutterwave wants to invest $50 million in Kenya

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Olugbenga Agboola, CEO, and Co-founder of Flutterwave, has disclosed that the fintech plans to invest $50 million in Kenya. This significant move comes as a continuation of their expansion strategy into the East African market, initially announced in April 2023.

Why it matters: Flutterwave’s journey into the East African nation has been riddled with several challenges. The company’s accounts have been frozen multiple times in Kenya, first in 2022 over money laundering claims and again in June 2023 over a betting fraud claim. However, those claims have now been settled and the money frozen in the company’s accounts has been released.

Currently, Flutterwave is expanding its office in Kenya which will serve as the headquarters for its East African operations. The fintech startup plans not only to open a new office in Kenya but also to bolster its infrastructure and workforce in the country. Currently, Flutterwave employs 27 individuals in Kenya, but this investment signals their intention to scale up significantly.

Know more: Flutterwave is also in the process of securing essential licences, including a payments service provider licence and a remittance licence in Kenya. These licences will enable the company to facilitate electronic funds transfers, money deposits, and withdrawals, enhancing its financial services offerings.

Last month, Flutterwave received name approval from the Central Bank of Kenya (CBK). Recall that in July 2022, CBK said Flutterwave [and Chipper Cash] were not licensed to operate in the country.

Source: benjamindada.com