Fintech Company to List on Nigerian Exchange, Compete With MTN, Airtel, Other Trillion Naira Stocks
- Flutterwave, a fintech company, has declared its intention to float its shares on the Nigerian Stock Exchange
- Flutterwave, which is valued at $3 billion, operates in 29 African nations in addition to the US, Canada, Nigeria, and other countries
- Early bullish momentum is expected to push the fintech to the top three market charts, according to analysts
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Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
The global fintech business Flutterwave, which offers payment infrastructure to payment service providers and merchants, has announced plans to list its stock on the Nigerian Exchange (NGX).
Source: UGC
At the state house in Abuja, Flutterwave paid President Bola Tinubu a courtesy call and revealed the Nigerian listing strategy.
Founded by young Nigerians, Flutterwave is worth $3 billion and has operations in 29 African countries, as well as the United States, Canada, Nigeria, Kenya, Uganda, Ghana, and South Africa.
At the current exchange rate, Flutterwave could be valued at over N4.5 trillion, making it the largest financial services company and fifth most capitalized on the Nigerian stock exchange, behind Dangote Cement, Airtel Africa, BUA Foods, and MTN Nigeria Communications.
Analysts predicted that early bullish momentum would propel the fintech to the top three market charts.
Tinubu welcomed the Flutterwave team and announced that his government would help companies in the financial technology industry that offer payment infrastructure services to Africans and Nigerians.
The delegation to the meeting with the president was led by Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy. Chief Executive Officer Olugbenga Agboola, co-founder Adeleke Adekoya, Oluwabankole Falade, and Mitesh Popat, who attended the meeting on behalf of Flutterwave. As the CEO of Alami Capital, Ms. Oluseun Olufemi-White represented the company.
Additionally present were Dr. Inuwa Kashifu Abdullahi, the Director General and Chief Executive Officer of the National Information Technology Development Agency (NITDA), and Dr. Armstrong Ume Takang, the Managing Director and Chief Executive of the Ministry of Finance Incorporated (MOFI).
The Nation reported that according to Tinubu, Nigeria is truly open to business, and as president, he is committed to removing all barriers so that businesses can prosper.
He praised Flutterwave's dedication to enhancing the digital economy sector's capacity, particularly as it is being enabled by young, vibrant Nigerians.
According to him, Nigeria needs Flutterwave's leadership in the digital sphere to expand its economy and improve the lives of the majority of its citizens.
According to Edun, Flutterwave has advanced significantly since its founding a decade ago.
He claims that by offering cutting-edge digital platforms and payment services in Nigeria and throughout Africa, the company has contributed to economic diversification and job creation.
According to Agboola, the company has made it simple for Nigerians to use naira to pay for some international services and has offered payment platforms to Nigerians living abroad who wish to send money to their loved ones back home.
He said that Flutterwave, a Nigerian export company with a market value of over $3 billion, employs more than 1,000 Nigerians.
According to him, the company has asked the president for his help in its bid to float on the Nigerian Exchange.
According to a statement made by Bayo Onanuga, Special Adviser to the President on Information and Strategy, Takang added that Nigeria, the largest economy in Africa, must strategically place its products and services—like those of Flutterwave—into the homes of every African.
Source: UGC
According to him, Flutterwave pays millions of dollars a month for hosting services, but the funds are sent to other nations.
In order for Galaxy Backbone to accommodate businesses like Flutterwave, he recommended supporting its hosting services.
Flutterwave sacks workers after hackers divert N11 billion
Legit.ng reported that Flutterwave laid off twenty-four employees, or three percent of its workforce.
Agboola claims that the action is a component of the company's plan to reorganise and effectively take advantage of the prospects in its main business divisions.
He added that the company is committed to doing more with its expanding remittance sector, "Send app."
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Source: Legit.ng
