Nigerian tech mogul Olugbenga Agboola’s Flutterwave secures payment license in Zambia

Key Points

• Flutterwave has obtained a Payment System License in Zambia, enabling it to offer secure mobile money services and boost financial inclusion.
• The fintech firm has secured multiple licenses, reinforcing its status as a top payments provider and supporting businesses with cross-border transactions.
• Flutterwave is eyeing a public listing but will proceed only when profitable, focusing on long-term growth and stakeholder value.

Flutterwave, the San Francisco- and Lagos-based fintech firm led by Nigerian entrepreneur Olugbenga Agboola, has secured a Payment System License to operate in Zambia. The approval positions Flutterwave to provide affordable and secure mobile money services in the country, facilitating both local and international trade while enhancing financial inclusion.

The move builds on Flutterwave’s aggressive expansion strategy, which has seen it secure multiple licenses across Africa, reinforcing its status as the continent’s leading payments technology firm and most valuable startup.

“Zambia is a market with enormous potential for growth and innovation, so we are excited to bring our payment solutions here,” Agboola said. “Our goal is to provide businesses across Africa with the tools they need to compete not just locally but globally.”

Driving financial inclusion and global trade

Zambia’s mobile money ecosystem plays a critical role in financial inclusion, with adoption contributing nearly 70 percent of the country’s financial accessibility. Flutterwave’s mobile money collection and payout services will help businesses streamline transactions, lower costs, and scale operations efficiently.

For international companies entering Zambia, Flutterwave offers a seamless payment gateway, supporting both consumer and business-to-business transactions. Meanwhile, local businesses seeking global expansion can leverage Flutterwave’s cross-border payment solutions to connect with customers worldwide.

Since its founding in 2016, Flutterwave has emerged as a dominant player in Africa’s fintech landscape. Operating in over 40 countries and processing payments in more than 30 currencies, the company has solidified its position as a leader in digital payments.

Path to an IPO and continued growth

Flutterwave’s rapid growth has been reflected in its valuation, which surged from $1 billion to $3 billion in early 2022 and reached $3.2 billion by 2024, according to CNBC. The company reported a 50 percent increase in revenue in the first half of 2024, driven by its focus on remittance services and enterprise solutions.

In 2024, Flutterwave secured an Enhanced Category Payment Service Provider License in Ghana and a Payment Systems Operator (PSO) license in Uganda, further expanding its East African operations. It has also strengthened its cybersecurity efforts, partnering with Nigeria’s Economic and Financial Crimes Commission (EFCC) to launch a Cybercrime Research Center.

Looking ahead, Flutterwave is considering a listing on the Nigerian Exchange (NGX). However, Agboola emphasized that the company’s much-anticipated initial public offering (IPO) will only proceed once it achieves profitability. “We are committed to building a strong and sustainable business,” Agboola said. “The IPO’s timing isn’t just about being ready operationally but about delivering long-term value to our stakeholders.”