Flutterwave’s CEO, Olugbenga “GB” Agboola, has said that for Fintech companies to contribute meaningfully to the growth of national economies, they must go beyond processing payments and enable businesses and individual to maximize the benefits of digital finance.
Speaking to a group of MBA students at Harvard Business School (HBS), the Africa Fintech pioneer said “to maintain momentum and continue making meaningful contributions to the growth of national economies, Fintech companies must understand that processing payment is just the starting point. We must create add-on values for individuals and businesses to maximize the potentials of digital technology beyond sending and receiving money”.
Flutterwave is a leading payments technology company which started out processing payments for companies like Uber and Air Peace, but has now added ecommerce, international transfer to the services it provides.
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 startup.
Yet, he added, “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.”
Speaking of his personal lessons and experiences as an entrepreneur in Africa, Agboola noted 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.”
According to him, 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.
The lecture was moderated by Hakeem Belo-Osagie, an entrepreneur, a senior lecturer of Business Administration at Harvard Business School, and a member of the Harvard University Global Advisory Board.
