Flutterwave, a payments technology firm based in Africa, has announced that it will set up its East African regional headquarters in Nairobi, Kenya. This news comes just a month after the company obtained two additional licenses to expand its operations in Rwanda. This decision reflects the company’s commitment to operating transparently and ethically in the region.
Flutterwave Faces Accusations of Money Laundering
A few months ago, Flutterwave faced accusations of money laundering, which resulted in the freezing of its accounts in Kenya. The company, however, denied these allegations, stating that the claims were false. The withdrawal of charges by the Kenyan High Court further solidifies the company’s commitment to operating transparently and ethically in the region.
Expansion in East Africa
With legal hurdles now behind them, Flutterwave can continue to focus on expanding its presence in East Africa and supporting the growth of small and medium-sized enterprises. Oluwabankole Falade, Flutterwave’s Chief Regulatory and Government Relations Officer, announced the news about its East African regional headquarters during the third American Chamber of Commerce (AmCham) Business Summit in Nairobi last week.
Falade praised Kenya’s business-friendly environment and digital capabilities, acknowledging its crucial role in the East African region. He emphasized Flutterwave’s commitment to supporting small business owners, a goal shared by the Kenyan government. Flutterwave’s strategy aligns with the region’s goals, ensuring that SMEs can access efficient, user-friendly, and cost-effective technology solutions that promote cross-border business profitability.
Flutterwave offers key solutions like Flutterwave Store and Flutterwave Market to support Kenya’s SME sector. This sector employs approximately 80% of the country’s population, generates 30% of annual job growth, and contributes 3% to the national GDP. Kenya provides a strategic entry point for Flutterwave into the East African region, granting access to an estimated customer base of 476 million people as of 2023.
American Chamber of Commerce (AmCham) Business Summit
The third American Chamber of Commerce (AmCham) Business Summit was attended by over 500 delegates from East Africa and the United States. It featured AmCham representatives from across East Africa, a high-level US government delegation, US investors organized by the US Department of Commerce, the US Chamber of Commerce’s Africa Business Centre, and numerous East African businesses and officials.
Flutterwave’s decision to establish its East African regional headquarters in Nairobi, Kenya, reflects its commitment to operating transparently and ethically in the region. The company’s strategy aligns seamlessly with the East African region’s goals, ensuring that SMEs can access efficient, user-friendly, and cost-effective technology solutions that promote cross-border business profitability. Kenya’s business-friendly environment and digital capabilities provide a strategic entry point for Flutterwave into the East African region.
What they Said:
“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 small business owners, an objective shared by the Kenyan administration…. We are also glad of the support we have received from the Government of Kenya, AmCham stakeholders, and leaders 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,” Flutterwave’s chief regulatory and government relations Officer, Oluwabankole Falade.