Fintechs must create value beyond facilitating payments to be competitive – Flutterwave CEO

Fintech companies would need to provide additional value beyond processing payments for individuals and businesses to maximise the potentials of digital technology to achieve growth and be relevant to the economy, Olugbenga Agboola, CEO of Flutterwave has said.

The fintech CEO made this known while speaking to a group of MBA students at the Harvard Business School (HBS) on January 24th, 2023, according to a statement from the company. The lecture was moderated by Hakeem Belo-Osagie, an entrepreneur, and senior lecturer of Business Administration at Harvard Business School, and a member of the Harvard University Global Advisory Board.

Flutterwave is a leading payments technology company which started out processing payments for companies like Uber and Airpeace, but has now added ecommerce, international transfer to the services it provides.

According to the statement, Agboola identified a lack of trust from potential customers, partners, and government officials, fragmented payments across the continent, and non-availability of local talent, especially for technical roles, as part of the main challenges faced at the initial stage of establishing Africa’s most valuable start-up.

“My love for using my knowledge and network to solve problems for people, including those they are unaware of, helped us to persist and provide the payment infrastructure that supports businesses in Africa and global businesses like Uber seeking to expand into Africa,” he said.

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Speaking of his personal lessons and experiences as an entrepreneur in Africa, Agboola said that strategic collaborations and partnerships between all relevant domestic and foreign stakeholders are critical to helping emerging economies of Africa, Asia, and Latin America effectively leverage digital transformation for inclusive and sustainable development.

“This is because solving the payment problems is not and will never be through one man’s dream or a company’s efforts. That shows that, indeed, the popular African proverb: “it takes a village to raise a child,” is so true with payment solutions in emerging economies,” he said.