Flutterwave, the Nigerian payments behemoth valued at over $3 billion, is setting its sights on a listing on the Nigerian Exchange (NGX), marking a significant shift in strategy after previously considering a high-profile IPO in the United States. The move, revealed during a meeting between Flutterwave’s leadership and Nigerian President Bola Ahmed Tinubu in Abuja this Saturday, indicates a renewed commitment to domestic growth and profitability over the allure of international markets.
Olugbenga Agboola, Flutterwave’s founder and CEO, personally conveyed the company’s listing aspirations to President Tinubu, soliciting the government’s backing. Tinubu, in turn, pledged his administration’s full support for fintech companies like Flutterwave, recognising their crucial role in promoting Nigeria’s digital economy and providing essential payment infrastructure for both domestic and African markets.
“Nigeria is genuinely open to business,” Tinubu declared, stressing his administration’s resolve to dismantle barriers to corporate growth, even as the country faces its worst economic conditions in recent times.
This latest development marks a significant shift in Flutterwave’s trajectory. In 2021, the Lagos-headquartered firm had hinted at the possibility of a US listing, with Agboola stating in an interview that the company was considering an Initial Public Offering (IPO) on the New York Stock Exchange (NYSE), or a dual listing in both the US and Nigeria. This came on the heels of a $170 million Series C funding round led by Avenir Growth Capital and Tiger Global Management, which pushed the company’s valuation beyond $1 billion, making it one of Africa’s leading unicorns.
Agboola’s latest hint at a Lagos IPO is a sudden departure from recent comments from him suggesting that an IPO is no longer an immediate priority. In a candid discussion on The Startup Leap podcast few days ago, he stated, “My immediate goal is not to go public,” emphasizing that Flutterwave aims to achieve profitability before making any listing decisions. The company’s strategy has since shifted towards strengthening its operations and ensuring sustainable growth.
Flutterwave has experienced considerable growth since its launch in 2016, processing over 630 million transactions worth $31 billion across more than 35 African countries. The fintech giant has facilitated seamless cross-border payments, providing solutions for major global clients, including Uber, and enabling remittances through its SendApp product.
Alongside its success, Flutterwave has faced regulatory and operational challenges. In Kenya, the company was embroiled in legal disputes over alleged money laundering accusations, which were later dropped. In Nigeria, security breaches and executive shakeups raised concerns about its internal governance. These issues, coupled with increased scrutiny from regulators, have likely influenced Flutterwave’s recalibrated approach towards a listing.
Agboola acknowledged the regulatory complexities involved in operating a fintech company. “Banks need to trust you to use their rails. Merchants need to trust you to give you their business. Payments is really a trust business,” he said, reflecting on the company’s efforts to build credibility with regulators and stakeholders. In 2023, Flutterwave announced its acquisition of money transfer licenses for 13 US states.
Despite the latest IPO optimism, critics argue that the company’s preference for listing on the local Nigerian Stock Exchange (NGX) might be less attractive to investors seeking more profitable exit routes. Given its fintech nature, Flutterwave could potentially achieve higher valuations and returns if listed on larger, more liquid international exchanges. The Nigerian stock market capitalization stood at $43.79 billion USD in January 2025, significantly smaller than the U.S. stock market at $62.2 trillion, illustrating the NGX’s limited capital depth. Dangote Cement, the most capitalized company on the NGX, has a market cap of $5.4 billion. As of 2023, only 9 technology companies (excluding traditional banks with technology integrations) were listed on the NGX, with a combined market capitalization of approximately $7.3 billion. In contrast, Flutterwave’s estimated valuation alone is at least $3 billion. Last year, Tizeti, a Nigerian internet service provider (ISP), announced plans to list on the NGX, potentially becoming the first Nigerian tech startup to do so.
For now, new executive hires from global firms like Citi, PayPal, and Visa, and a renewed focus on regulatory compliance and financial sustainability, signal Flutterwave may be positioning itself for long-term ambitions. Whether an NGX listing will materialize in the near future remains to be seen, but the shift indicates a more measured and pragmatic approach compared to the earlier hype around a US IPO.
As Africa’s largest economy looks to deepen its capital markets and retain its top fintech firms, Flutterwave ’s potential IPO on the NGX could serve as a landmark event, setting the stage for other high-growth tech companies to follow suit.