Olugbenga Agboola on How Fintech and Flutterwave Are Helping to Reshape the Economy
Olugbenga Agboola has held numerous positions over this career. After working for several major companies and traveling outside his home country of Nigeria, he came to learn a lot about how the business world works. When he saw several South African companies struggling with how to pay their staff as they expanded into other parts of Africa, he saw how fintech could help bridge the gap. See how he developed his company, Flutterwave, and why it’s making such a difference in the lives of those who use it.
As the Founder and CEO, Olugbenga Agboola had to learn how to work out payments in different companies. At the time, no other product existed to ensure that the staff was paid on time, every time. Despite the fact that countries like Nigeria needed an economic boost, a lack of payment services was a distinct disadvantage for companies hoping to find talent abroad. Agboola asked himself whether the people would have been better off if they could have been paid without the hassle, and the answer ultimately helped him shape the mission and menu of Flutterwave.
The Power of Fintech
There have been seven unicorn startups in Africa and five of them have been in Nigeria. Three of those five startups are fintech companies, which speaks to the adoption of technology in Africa and how the continent has been first in line for this worldwide revolution. COVID-19 has only made fintech platforms more popular, spurring the growth of these tools around the world. Olugbenga Agboola has used that momentum to grow Flutterwave to the next level.
Products like the Flutterwave store now make it possible for more than 30,000 small- and medium-businesses conduct more seamless transactions. Companies that operate in more than one country no longer have to worry about what kinds of problems they’ll run into — whether it’s Nigeria or any other country.
Improving Opportunity, Reducing Poverty
There has been so much proof that fintech is changing lives for the better. Because of digital products, Olugbenga Agboola points out that it’s possible for people to have credit and bank accounts. Whether it’s an individual or a business, the people have trust in the banking system. From insurance to digital safety, it’s allowing people the stability they need to pursue their own careers and personal dreams.
Olugbenga Agboola of Flutterwave is pleased to be a part of the solution, having hired 200 people for their Graduate Trainee Program. It’s just one example of many in a country that’s rapidly gaining interest from the rest of the world. In a report from ACI Worldwide and Global Data, the publication stated, “Nigeria is one of the countries for which real-time payments provide the biggest economic growth opportunities. Its transactions in 2021 resulted in an estimated cost savings of $296 million for businesses and consumers. This helped to unlock $3.2 billion of additional economic output.” It’s a nod not only to the innovation in Nigeria but the talent to be found there.