Nigerian payments fintech Flutterwave, secured a microfinance banking licence in April, has promoted more than 100 employees across its global workforce as it marks its tenth year of operations.
The company said the promotions cover about 25% of its global staff, alongside a package of employee support measures including cost-of-living adjustments, tax support for staff in Nigeria, and a one-off global relief payment. Flutterwave did not disclose the job levels or departments of those promoted.
The initiative highlights the company’s focus on retaining talent at a time when several Nigerian fintechs, including Branch, Kuda, and Quidax, have cut staff in efforts to streamline operations and reduce costs.
“I often say our people are our secret sauce,” said Olugbenga Agboola, Flutterwave’s founder and chief executive officer. “They are the ultimate engine behind everything we build, giving us the capacity to create solutions that power businesses, unlock opportunities, and move money seamlessly across Africa and beyond.”
The move reflects Flutterwave’s transition from a fast-growing startup into a broader financial infrastructure company focused on scale, stability, and talent retention. It also mirrors a wider industry trend, where fintechs are increasingly using long-term incentives and staff support programmes to hold on to skilled workers.
In South Africa, GoTyme Bank, Africa’s newest unicorn as of December 2024 has also moved in a similar direction, announcing plans for an employee ownership programme aimed at strengthening long-term alignment with staff.
Founded in 2016, Flutterwave built its early success on enabling merchants to accept payments across African markets. It went on to become one of the continent’s most valuable startups, raising $475.3 million from investors including Tiger Global, Avenir Growth, and B Capital, according to Crunchbase data.
Over the past decade, the company has expanded beyond payments into remittances, consumer financial services, and broader banking infrastructure. In April, it deepened its regulated footprint after receiving approval to acquire a Nigerian microfinance banking licence, strengthening its position in financial services.
Flutterwave says it has processed more than one billion transactions and handled over $40 billion in total payment value since launch, as it rolled out its latest employee recognition and support programme.
“Our goal has always been to build an environment where our people can focus on doing their best work, rather than being weighed down by economic anxiety,” said Annette Akpolo, head of people and culture at Flutterwave. “Pairing merit-based individual growth with support for the collective needs of the whole team is essential to building a culture where people genuinely want to stay and grow over the long term.”
The company also reported strong growth in local payment channels over the past year, with wallet-based collections rising 289% in transaction volume and bank transfer value increasing 184%, reflecting the growing adoption of local payment methods across its markets.
The announcement adds to an active year for Flutterwave. In January, it acquired Nigerian open banking startup Mono in a deal that strengthened its financial data infrastructure and expanded its account-to-account payment capabilities.
For Flutterwave, now entering its second decade, the latest employee initiative serves both as a reward for staff and a signal of continued growth ambitions.
“At Flutterwave, growth is earned through meaningful contributions to the business and to the mission we are building together,” Agboola said. “As we continue to grow, the people who will shape our future are those who consistently step up, solve hard problems, support others, and move the company forward.”