Olugbenga Agboola, the Flutterwave Founder
Flutterwave is a payment technology mainly based in Nigeria. Olugbenga Agboola is the Chief Executive Officer and founder of the outstanding technology for Africans. Agboola founded it while believing that it could make a difference when Africans send and receive money or payments to their families and friends.
The founder confessed that one of the objectives is making credit information increasingly available using Flutterwave. He added that lacking data makes smart lending relatively hard. This technology could change that. For example, using it would enable merchants to share their information with lending institutions who can utilize the information to decide about giving credit to the merchants expecting to expand their ventures and scale high.
Africa characterizes considerable potential since it is among the ever-growing customer marketplaces. However, most African nations never have well-structured user credit facilities and systems that encourage business owners and others to obtain credit.
Olugbenga Agboola asserted that everything’s speed changes swiftly whenever a society lacks credit. He added that payments should not occur quickly without the existence of credit, which hinders innovation whenever payments take more time to shift from one channel to the other.
In regions such as the United States, citizens start developing their credit scores in adulthood. This provides more time to confirm their reliability and honesty to the financial institutions, which will allow them to have huge debt amounts to open their desired businesses, buy items, or cover unforeseen expenses.
However, this is not the case in Africa, as the credit history concept does not happen. This reduces consumers’ capacity to indicate their trustworthiness to lenders. It is disadvantageous to the continent’s middle-class individuals.
Africans have limited options to get started whenever they lack money to fund their startups. Agboola claimed that presently, in many African regions, consumers use most retail funds at small kiosks erected on roadsides. When these roadside ventures are permitted to access credit, they could stock more products, hence attracting more clients.
The Flutterwave CEO clarified that when business proprietors can get credit empowerment via their digital devices, they can get motivated to scale their businesses higher. For instance, they can acquire more inventory at better costs and offer products to their clients affordably while still profiting. However, such can happen whenever there is sufficient related infrastructure in place.
When we’re asked “what makes Flutterwave so special?”, 10 out of 10 times, the answer is our people.
Our wavers are some of the best talent in the industry and the ultimate secret to our success story.
— Flutterwave (@theflutterwave) May 1, 2023
Agboola also said that Africa has an opportunity to form an effective credit system. Credit bureaus have increasingly been established in Asia, the Middle East, and Europe and greatly progressed concerning the current models.
The founder stated that Flutterwave is majorly based in Nigeria, where cash is the commonest payment form. Most Nigerian inhabitants are also unbanked; hence cash is a collectively better option for them. Additionally, according to him, citizens can adopt cards with a chip having Personal Identification Number (PIN) technology before the U.S. Therefore, they see anything being possible. The current goal is increasing credit usage, which can increasingly happen through prioritizing access to user information or data.
Flutterwave will make a difference, according to the founder, popularly identified as ‘GB.’
Know more about Olugbenga Agboola on Techcabal