Payment regulators in Nigeria and other African countries are supportive of innovation but expect accountability and strong consumer protection from fintech operators, the Chief Executive Officer of Flutterwave, Olugbenga Agboola, said on Monday.
Agboola, who leads Africa’s largest payments technology firm, made this disclosure at the ongoing GITEX Africa’s tech summit in Morocco, dismissing claims that regulators are a barrier to progress in the continent’s $10 billion payments sector.
“Working with regulators in Africa requires a collaborative approach,” Agboola said during a panel session. “From my experience, they’re open to innovation, but also focused on protecting the people.”
Founded in 2016, Flutterwave, operating in major African markets, has raised over $450m, cementing its fintech prominence and handling 400m transactions yearly.
The CEO emphasised that fintech founders must adopt a cooperative approach when engaging with regulators, particularly in emerging markets where innovation is welcomed but closely monitored.
Agboola noted that compliance is especially critical in the payments industry, where trust is paramount. “When things go wrong, having a robust compliance framework helps resolve issues efficiently,” he added.
“In countries like Ghana, Nigeria, and Rwanda, regulators have created sandboxes for testing innovative solutions,” he said. “This collaborative approach enables growth while ensuring protection.”
He added, “Building trust with regulators and partners is essential,” he said. “This trust can make all the difference between success and failure.”
Last month, the company partnered with Nigeria’s Federal Inland Revenue Service to simplify and modernise tax payments.
The collaboration aims to make tax compliance more efficient for individuals and businesses by offering multiple digital payment options, real-time tracking, and offline payment capabilities.
