Financial Technology

Buhari’s economic strategy responsible for PayStack, Flutterwave’s success: Bagudu

Kebbi State governor Abubakar Atiku Bagudu says the successes of Nigerian fintech firms Flutterwave and Paystack are as a result of the business-friendly policies put in place by President Muhammadu Buhari.

Mr Bagudu laid the claim during an address at the Progressive Young Leaders Summit in Abuja on Sunday. He claimed that the financial technology giants recorded their successes following the establishment of the Ministry of Digital Economy under Mr Buhari.

The Kebbi governor asserted that it was not “just a coincidence” when “Shola Akinlade [Paystack co-founder] sold his company for 200 million dollars… or when Flutterwave is becoming one of the greatest companies in the world.” He noted that the companies achieved these feats under President Buhari.

“Ministry of digital economy was created to support our youths and other companies and individuals so that they can take on the world,” he posited.

“It’s a reflection of the effort to stabilise the economy efforts to make Nigeria take its rightful place in the committee of nations,” Mr Bagudu added.

Flutterwave, a Nigerian payments startup with offices in Lagos and San Francisco was estimated to be worth over $1 billion in 2021.

Mr Akinlade, a Nigerian software engineer and entrepreneur who co-founded and led Paystack, sold the company to Stripe for a record $200 million in 2020.

Mr Bagudu’s remarks, however, come despite the country achieving its worst numbers in critical economic indices under Mr Buhari. 

The Buhari regime has continued to crackdown on innovative financial technologies with regards to cryptocurrencies as well as muzzling fintech firms via Draconian regulations by the Central Bank.

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