The National Information Technology Development Agency (NITDA) has signed a strategic partnership with Flutterwave, Africa’s leading payments technology company, and Alami a private limited liability company with focus on empowering young entrepreneurs and SMEs in the technology and creative industries through Memorandum of Understanding (MoU) to drive digital transformation and strengthen Nigeria’s economy.

This collaboration aligns with NITDA’s commitment to implementing the National Digital Economy Policy and Strategy (NDEPS) and ensuring that small and medium-sized enterprises (SMEs) are equipped with the necessary tools to thrive in the digital era.

The partnership came following a meeting between NITDA’s Director General, Kashifu Inuwa, the CEOs of Flutterwave, Olugbenga Agboola, and Alami’s CEO, Ms. Olu White, to strengthen collaborations on FinTech innovation, digital literacy, infrastructure development, and promoting open-source technology.

The Parties will be working together to bridge the digital divide by promoting digital literacy, fostering fintech innovation, and creating an enabling environment for businesses to leverage secure and efficient financial solutions.

Speaking on the partnership, the Director General of NITDA, Kashifu Inuwa Abdullahi, emphasised the significance of public-private collaboration in achieving Nigeria’s digital economy aspirations.

“Flutterwave’s innovative fintech solutions align with our vision for a thriving digital economy. Slow digital adoption among SMEs has been a major obstacle to economic growth, and through this collaboration, we aim to provide businesses with the resources and infrastructure needed to transition into the digital age,” he stated.

Inuwa also underscored the importance of strengthening NITDA’s engagement with key private sector players like Flutterwave to accelerate digital transformation.

“This partnership is a vital step towards achieving shared goals for digital transformation, showcasing our commitment to the betterment of Nigeria in line with the President’s Bola Ahmed Tinubu Renewed Hope Agenda,” he added.

By equipping Nigerian businesses with the tools to embrace digital solutions, we aim to enhance economic growth, create job opportunities, and ensure inclusive access to the benefits of a digital economy. Together, we are committed to building a resilient and sustainable digital future for all Nigerians.

Flutterwave’s Founder and CEO, Olugbenga Agboola, expressed confidence in the partnership’s potential to empower SMEs.

“Many small businesses in Nigeria struggle to fully embrace digital solutions, and we believe that by providing seamless and secure payment technologies, we can help them scale with confidence. Our collaboration with NITDA reinforces our dedication to fostering a truly inclusive digital economy,” he said.

The partnership will focus on Strengthening Public-Private partnerships through Digital Payment Infrastructure and Technology Financing; Digital Nigeria Week 2025: Showcasing Payment Innovations, Workshops & Panel Discussions, Empowering SMEs & Startups, and Fostering Strategic Partnerships.

Furthermore, the MoU will focus on Collaboration on NITDA’s Key Initiatives like the National Digital Economy Policy and Strategy (NDEPS), NITDA Strategic Roadmap and Action Plan (SRAP 2.0), Innovation and Entrepreneurship Programmes, Digital Literacy and Skills Development, and Cybersecurity.

This collaboration represents a major milestone in Nigeria’s journey toward digital transformation, demonstrating NITDA’s commitment to fostering an inclusive, innovative, and sustainable digital future for all Nigerians.

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Flutterwave, a leading player in the fintech industry, has announced a significant workforce reduction, laying off 24 employees, which represents 3% of its total staff.

The announcement, made recently, is part of a broader strategic restructuring aimed at focusing the company’s efforts on its core enterprise payments and remittance businesses.This move by Flutterwave aligns with a global trend of tech layoffs that began last year and has continued into the first quarter of 2024.

The company’s CEO, Olugbenga Agboola, emphasized that the decision was data-driven and aimed at optimizing resources towards core business operations.

“We have rebuilt the teams to more efficiently utilize the opportunities in these markets,” Agboola said.

“Consequently, we’ve made the difficult decision to support the transition of 24 Wavers, accounting for 3% of our workforce.”

To mitigate the impact of the layoffs on affected employees, Agboola outlined a comprehensive severance package. This includes a minimum of three months’ gross salary, monetization of unused leave days, and access to professional development resources for up to a year.

Additionally, employees will receive three months of free healthcare and continued access to mental health and career coaching services for three months post-transitioning. For those with stock options, an additional vesting period of six months will be provided.

“We hope this softens the impact this sudden transition has on you personally and professionally,” Agboola added.

For the remaining employees, Flutterwave announced a company-wide compensation review. This includes a market-aligned base salary increase for most employees and a new performance-based bonus structure tied to individual and team performance metrics.

Agboola stated that these changes were made in response to recent employee feedback and a thorough analysis of market trends, positioning the company competitively within the industry.

“A thorough market analysis was conducted to ensure that we are competitive within our industry and so a majority of you will see an upward adjustment to your base compensation,” Agboola explained.

“The new discretionary bonus structure will tie directly to individual and team performance and will be based on specific, measurable KPIs that align with our strategic goals.”

Flutterwave’s new compensation structure aims to place junior employees at the 95th percentile and senior employees at the 85th percentile in the market.

Despite the layoffs, Flutterwave is expanding its reach and capabilities. In May, the company received approval in principle for a payment aggregator license from the Bank of Mozambique, allowing it to extend its operations into southern Africa.

Additionally, Flutterwave recently partnered with Nigeria’s Economic and Financial Crimes Commission (EFCC) to build a state-of-the-art Cybercrime Research Center.

The company is also actively hiring for key positions in risk, compliance, engineering, data, and finance to bolster its core operations and is expanding its remittance service, Sendwave, to new markets. Flutterwave remains committed to personalizing its enterprise payment solutions to drive growth and innovation.

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Nigerian fintech giant Flutterwave has partnered with the Economic and Financial Crimes Commission (EFCC) to set up a Cybercrime Research Center in Nigeria.

This initiative, announced in a joint statement, aims to intensify the fight against Internet crime, enhance the security of business transactions, and provide sustainable opportunities for youths across the country.

The partnership was formalized on June 14, 2024, with the signing of a Memorandum of Understanding (MoU) by EFCC Secretary Mr. Mohammadu Hammajoda and Flutterwave CEO Olugbenga Agboola.

The Cybercrime Research Center will be located at the new EFCC Academy, serving as a hub for advanced research, training, and capacity building in the fight against financial crimes.

Key focus areas for the center include:

Advanced Fraud Detection and Prevention: The center will develop and implement cutting-edge technologies to detect and prevent financial fraud. Comprehensive training for law enforcement and industry professionals will be provided to effectively combat modern financial crimes.

Collaborative Research and Policy Development: Joint research initiatives and policy formulation will enhance the understanding and regulation of financial crime. The center will facilitate the exchange of ideas and best practices between the public and private sectors.

Youth Empowerment and Capacity Building: High-end training and research opportunities will be offered to 500 youths, equipping them with the skills needed to excel in the digital economy.

Technological Advancement and Resource Enablement: The center will create a repository of advanced tools, technologies, and resources to support financial crime investigations, including protocols for addressing emerging threats such as cryptocurrency-related crimes.

Commenting on the initiative, Flutterwave’s CEO, Agboola, emphasized the company’s dedication to promoting secure transactions.

“This initiative underscores our commitment to creating a fraud-free financial ecosystem and leading the charge in safeguarding transactions across Africa. We applaud the EFCC’s relentless efforts to combat internet fraud and other illicit activities in the financial sector.”

EFCC Executive Chairman Mr. Ola Olukoyede expressed his appreciation for the partnership, noting, “The EFCC is impressed with the strides and expanse of Flutterwave across Africa.

“This partnership marks a significant leap forward in our efforts to combat financial crimes and ensure a secure financial landscape for Nigerians.

“The Cybercrime Research Center will significantly enhance our capabilities to prevent, detect, and prosecute financial crimes.

“As the payments ecosystem continues to evolve, financial fraud remains a significant challenge, threatening the stability and trust in financial systems.”

The partnership between Flutterwave and the EFCC exemplifies how public-private collaboration can effectively address these issues, paving the way for a more secure and prosperous economy in Nigeria and across Africa.

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TECHDIGEST – The Central Bank of Nigeria (CBN) has granted Flutterwave, a switching and processing license enabling the company to carry out transactions between banks, fintechs and other financial institutions.

A switching and processing license is the CBN’s most valuable payments processing license.

The new license empowers Flutterwave, Africa’s leading payments technology company, to now process card transactions, participate in agency banking and offer various payment services without any intermediary.

READ ALSO: NITDA Partners ACM To Train Indigenous Content Creators On Emerging Technology

“It is an important milestone in our growth story. Building a thriving payments ecosystem in Nigeria, Africa’s largest economy, is in line with our goal of developing a world class and secure payment infrastructure for global merchants and payment service providers across the continent”, said Founder and CEO Olugbenga Agboola.

“The application process was very rigorous and included a detailed review of our operations as a business. As a switch, we have more responsibilities and will continue to work with Regulators to ensure we meet and exceed their expectations,” said Flutterwave’s Chief Regulatory and Government Affairs Officer, Oluwabankole Falade.

Before its new license, Flutterwave  was limited to only operate as a Payment Solution Service Provider (PSSP) and International Money Transfer Operator (IMTO).  But it can now offer transaction switching and card processing services to customers as well as those of  a non-bank acquiring, agency banking and payment gateway service provider.

“We can offer more value to our customers while taking more control of our value chain to enable an improved payments experience for our enterprise, medium scale and retail customers, ” said  Head of Product Marketing, Onyedikachim Nwankwo.

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TECH DIGEST – Serial tech entrepreneur and the Founder/CEO of Future Africa, Mr. Iyinoluwa Aboyeji, the CEO of Flutterwave, Mr. Olugbenga Agboola, the DG of National Information Technology Development Agency (NITDA), Mr. Kashifu Inuwa Abdullahi, and the CEO of MTN Nigeria Plc, Mr. Karl Toriola, have been named, among six others, as the “Worldex Top 10 Tech Leaders” for Nigeria in 2021.

The “Worldex Top 10 Tech Leaders” recognizes and honours the most influential men and women, in both the public and private sectors, who drive the growth of the ICT industry throughout Sub-Saharan Africa (SSA). Worldex (World Digital Exhibition) is a technology trade fair that seeks to link up SSA with the rest of the global technology community. The inaugural edition of the event is expected to be held in Abuja, FCT, Nigeria, in February 2023.

These other six who were on the “Worldex Top 10 Tech Leaders” list for Nigeria for both 2020 and 2021 are the Federal Minister of Communications and Digital Economy, Dr. Isa Ali Ibrahim Pantami, the Executive Vice Chairman of Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta, the CEO of MainOne Cable Nigeria Limited, Ms. Funke Opeke, the Chairman of Zinox Technologies Limited, Mr. Leo Stan Ekeh, the Founder/CEO of Interswitch Group, Mr. Mitchell Elegbe, and the CEO of SystemSpecs Nigeria Limited, Mr. John Obaro.

The “Worldex Top 10 Tech Leaders” list was first published in June/July 2020, featuring such leaders in eight countries: Nigeria, South Africa, Kenya, Ghana, Tanzania, Rwanda, Malawi and Botswana. In 2021, the list of countries will be expanded to 12, comprising leaders drawn from both public and private sectors.

The list is compiled by the Business Intelligence Unit (BIC) of Alford Conferences Limited, the owner and producer of the annual Worlex. Contributions to the list were made by a few selected ICT journalists and tech bloggers drawn from several countries in the SSA region. SSA is the second most populated region of the world after Asia, with over 1 billion people. Majority of the youths in this region are digital natives.

Over the past six years, many of these African youngsters have earned the respect and investment of notable venture capital (VC) firms in Europe and North America. In 2018, VC companies, especially from Europe, invested $1.63 billion in start-up companies founded by these young Africans, based mainly in Nigeria, Kenya and South Africa. The figure rose to $2.02 billion in 2019.

Ms. Linda Idakwo
Head, Social Media
Alford Conferences Limited
Abuja, FCT, Nigeria

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