Flutterwave, Africa’s leading payments technology company, has chosen Nairobi, Kenya as its regional headquarter in East Africa, the company has announced.
The move comes barely one month after the payment giant secured additional licenses to expand operation in Rwanda.
Flutterwave’s chief regulatory and government relations Officer, Oluwabankole Falade made the announcement during last week’s third American Chamber of Commerce (AmCham) Business Summit held in Nairobi.
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Per the press statement issued by the company, the event, which was graced by the AmChams across East Africa, a senior U.S. government delegation, U.S. investors convened by the U.S. Department of Commerce, the U.S. Chamber of Commerce’s Africa Business Centre, and East African businesses and officials, was designed to chart new paths for enhanced U.S. commercial engagement with Kenya and the East Africa Region.
More than 500 East African and American delegates participated.
“We recognize the invaluable role Kenya plays in the East African region and the country’s business-friendly environment and digital capability,” said Mr Falade. “As a business with African roots and headquartered in San Francisco, we are aware of the importance of empowering the small business owners, an objective shared by the Kenyan administration.”
The two-day programme was anchored by U.S. Ambassador to Kenya Meg Witman, who delivered opening remarks on ‘Why Africa, Why Kenya,’ and closed by President William Ruto, who announced new measures to enhance U.S. trade and investment in the country, including steps to support the small and medium enterprises (SMEs) sector, a key segment of Flutterwave’s business.
Flutterwave was a sponsor of the AmCham event, and it is a board member of the U.S. Chamber of Commerce’s Africa Business Centre as well as a member of AmCham in most markets in which it operates, including Kenya, Tanzania, Rwanda, Uganda, and Zambia.
Flutterwave’s strategy is well aligned with that of the East Africa region, ensuring that SMEs are provided with efficient, simple and affordable technology solutions that drive their businesses to profitability across borders.
Flutterwave’s key SME solutions, Flutterwave Store and Flutterwave Market, aim to support Kenya’s SME sector, which employs around 80 percent of Kenya’s population, creates 30 percent of jobs annually, and contributes three per cent to its national GDP. Kenya offers Flutterwave a gateway into the region and to a customer base of about 476 million people as of 2023.
“We are also glad of the support we have received from the Government of Kenya, AmCham stakeholders and leadership across the region, and we are proud to have chosen to support the Summit and see many other global firms who we work with, such as Amazon and Uber choosing to settle here as well. We are in good company,” closed out Mr Falade.
Flutterwave moved to Kenya in 2016, becoming the first East African market for the Nigerian startup. It has since then expanded to new markets.
However, in recent times, the high-flying fintech had been involved in allegations of fraud, money laundering and operating without license in Kenya. Last year, Flutterwave’s accounts were frozen by a Kenyan court after it was accused by the authorities of facilitating fraudulent transactions and operating without license from the Central Bank of Kenya.
It was cleared of any wrongdoing in February, after Kenya’s Asset Recovery Agency (ARA) withdrew its case. The announcement that it is making Nairobi its East African regional headquarters shows the coast is all clear for the African fintech giant.