As new technologies turn the world into a global village, international collaboration is becoming more usual and crucial, particularly in third-world regions such as Africa. Olugbenga “GB” Agboola, the CEO and founder of Africa’s major fintech company Flutterwave, is at the forefront of establishing long-lasting and beneficial business ties across cultures and countries.
Flutterwave exemplifies the possibilities of international business alliances because it is headquartered in both San Francisco and Nigeria. It is an inspiration for startups in Africa and beyond as a real pride of Africa and the highest-valued company on the continent at $3 billion.
According to Olugbenga Agboola, the key to Flutterwave’s quick ascent from a small company to the backbone of African finance was the formation of strong cross-border collaborations. Read more about Olugbenga Agboola on Fintech Finance News
Many Problems Remain Unsolved
While understanding the attractiveness of foreign investment is quite simple, Olugbenga Agboola believes that local knowledge is often disregarded by IT businesses, much to their harm.
“There are so many issues to address on the continent. Many new things need to be constructed. Entrepreneurs who are ready to take on these unusual challenges and strive to tackle them across the board fascinate me. Africa has long been recognized for its ability to leapfrog. We continually progress from nothing to something – from no phones to the internet and smartphones. People now avoid browsers in favor of searching for what they intend to purchase on social media.
“When it comes to [technology] overtaking a generation, we’ve always been that way.”
Undoubtedly, Africa has been a wasted opportunity for technology investment. After visiting Ethiopia in 2019, Twitter founder Jack Dorsey revealed aspirations to relocate to Africa and contribute to the continent’s rapid technological growth. After that declaration, Meta (formerly Facebook) launched a new initiative called Free Basics, which provided internet access to mobile device customers in Africa and other underdeveloped countries.
However, Dorsey never made the switch, and Meta’s program has sparked considerable controversy (it was banned in India entirely, and its tendency to limit access to preapproved data has sparked criticism).
A Silicon Valley-sponsored revitalization plan that has yet to produce results. According to Olugbenga Agboola, this is due in part to a lack of dependence on Africans as business partners.
It was an incredible privilege to ring The Closing Bell at @NYSE in honor of Founders Day and Black History Month. I am so grateful to my amazing team at @theflutterwave, whose hard work and dedication are a testament to the impact we’re having in Africa and across the world. https://t.co/c6GCl8BuYW pic.twitter.com/EtIklaL3KY
— GB ???? (@TechProd_Arch) February 24, 2023
“At first, we discovered that payment in Africa differs from payment elsewhere. The issues are distinct. When it comes to payments, Africa is very fragmented. Each payment system is distinctive and works well in its home nation, but it is not widely transferred outside its borders. Certainly, we cannot just replicate a European or Silicon Valley model. We must construct what is beneficial to our society.”
It’s a concept that’s worked effectively for Olugbenga Agboola. His organization has deployed staff to South Africa, Kenya, Uganda, and other countries since it decided to extend operations to other countries. Their purpose is to obtain a read on their communities and better understand the various nuances of each country.