There are new technologies that are constantly entering the market, which make the world a smaller place. For that reason, there is a high need for international partnerships, and this is especially true in those places that are still under development, such as Africa. Olugbenga Agboola is a pioneer in creating business relations built to last across cultures and countries. He is the chief executive officer and founder of Flutterwave, a huge fintech company in Africa. The company has its headquarters in San Francisco, California, and it is also based in Nigeria. Therefore, it represents an ideal possibility for international business relations. The company is an excellent inspiration for African entrepreneurs since it is only a startup with a market valuation of over $3 billion. That makes it the highest-valued startup in Africa. Read more about Olugbenga Agboola on The Guardian
Olugbenga Agboola noted in a podcast by McKinsey’s Banking & Securities that the greatest factor that enabled Flutterwave to move from a tiny startup to a massive fintech company in Africa was that it created partnerships across the world. However, he never expected that his company would become the only infrastructure for payments made across the continent. Therefore, the company has started seeing itself as more than an emerging payment processor across international countries like the United Kingdom. This has been aided by customers frequently asking for transactions to be made possible across Europe and the United States. For that reason, there is still a high potential for the company to continue growing.
Olugbenga Agboola also outlined the importance of tech companies having local knowledge of a culture or a country before embarking on investing in particular countries. Lack of this knowledge may lead to the downfall of a company in a specific market shortly after launch. Additionally, Olugbenga Agboola mentioned that Africa has many problems that require solid solutions and numerous things that can be built there. He is also excited that many African entrepreneurs have decided to tackle these problems by creating solutions. These problems and opportunities are the same that led Meta to announce the Free Basics service that would enable users in developing countries to access Facebook for free.
It was an incredible privilege to ring The Closing Bell at @NYSE in honor of Founders Day and Black History Month. I am so grateful to my amazing team at @theflutterwave, whose hard work and dedication are a testament to the impact we’re having in Africa and across the world. https://t.co/c6GCl8BuYW pic.twitter.com/EtIklaL3KY
— GB 🦋 (@TechProd_Arch) February 24, 2023
Payments in Africa are made uniquely from every other part of the world. Because there are different problems across the continent, all payment methods are made to fit the local environment. It has led to the continent’s fragmentation when it comes to making payments. Even though each country has its unique payment method, they have not been able to expand them beyond their countries. Olugbenga Agboola studied this principle and saw the need to expand his company’s services to different countries in Africa while looking at the needs of the local communities.