In the contemporary era of globalized societies, where technological advances have enabled the world to transform into a tightly-knit community, the importance of forging international partnerships has reached unprecedented levels. This reality holds especially true for developing markets like Africa. Leading the charge in creating enduring and effective business relationships across diverse countries and cultures is Olugbenga “GB” Agboola, the founder and chief executive officer of Flutterwave, Africa’s largest financial technology (fintech) enterprise.
Flutterwave, a US-based company operating in Africa, serves as a prime example of the potential of international business partnerships. Boasting a valuation of $3 billion, it is the most valuable startup on the continent, and serves as an inspiration to entrepreneurs both within and beyond Africa. According to Olugbenga Agboola, the key factor behind Flutterwave’s meteoric ascent from a modest startup to becoming the bedrock of African fintech is the establishment of robust partnerships that transcend borders.
During a recent episode of McKinsey’s “Talking Banking Matters” podcast, Agboola stated, “We did not anticipate becoming the foremost payment infrastructure in Africa. It is fascinating that virtually every African fintech company is our customer. There is no other payment infrastructure operating in Africa. We are gradually positioning ourselves as an emerging-market payment processor, not just in Africa, but beyond. Customers have started asking why we cannot process their payments in Europe or the United States. We have customers that have been incorporated in the United States, the United Kingdom, and Nigeria, among other countries. Numerous African airlines are also in this category. Thus, we possess an opportunity to generate value across the spectrum. For us, it is just a matter of persevering and continually building this infrastructure.”
While foreign investment is appealing to technology firms, local knowledge is equally crucial, according to Olugbenga Agboola. Africa faces numerous challenges, and Agboola is enthusiastic about entrepreneurs who are willing to confront these difficulties and strive to solve them across the board. Africa has always been known to make remarkable technological strides.