In a recent interview with Olugbenga ‘GB’ Agboola, CEO of Flutterwave, he discusses the significance of trust in the fintech industry and Europe’s successful formula for supporting fintech innovation. As the African payments technology unicorn continues to make waves, Flutterwave’s collaboration with Token.io to power Pay By Bank transfer capabilities further solidifies their position as a leader in the industry.
Flutterwave, which recently achieved a $3 billion valuation on a $250 million raise, has been gaining recognition for its role in helping merchants accept payments both online and at the point-of-sale through various methods. The company’s success has been attributed to its focus on providing fast and secure A2A (account-to-account) payments, which offer a seamless and frictionless experience for users.
During the interview, Agboola emphasizes the importance of Europe’s thriving fintech industry, which is driven by a combination of regulatory support, public and private funding, innovative tech entrepreneurs, and a highly skilled workforce. He praises Europe’s commitment to consumer rights and data privacy, citing the General Data Protection Regulation (GDPR) as a model for other countries worldwide.
Agboola also highlights the potential for the industry to transition from open banking to open finance, with PSD2 serving as a good starting point. He suggests that further initiatives and policies should be explored to establish common data sharing practices in the EU, positioning the region as a leader in facilitating open finance.
When it comes to digital banking strategy, Agboola stresses the importance of considering customer and regulatory requirements. He states that financial service providers (FSPs) are not only in the financial business but also in the trust business. Regulatory compliance, along with global standard security measures and licenses, is crucial for building trust and protecting customers and the ecosystem.
In conclusion, Flutterwave’s CEO emphasizes the significance of trust in the fintech industry and the need for FSPs to prioritize regulatory compliance and security measures. By doing so, FSPs can gain and maintain consumer trust while fostering innovation and growth in the industry.
As Flutterwave continues to make strides in the fintech world, their collaboration with Token.io further enhances their reputation as a leader in the payments technology space. With a strong focus on trust and regulatory compliance, Flutterwave is well-positioned to shape the future of fintech in Europe and beyond.
Note: This article is based on the interview with Olugbenga ‘GB’ Agboola, CEO of Flutterwave, and the company’s recent collaboration with Token.io.
