“Unlocking Africa’s Potential: How Olugbenga Agboola is Paving the Way for Credit Access Across the Continent”
Olugbenga Agboola, the head of Flutterwave, a company that provides payment solutions to businesses and individuals across Africa, has set out on a mission to grant access to credit and empower millions of Africans who are bereft of formal financial services. He believes that increasing credit access is a critical key to unlocking the vast potential that Africa possesses.
Agboola recognized that payment solutions alone are not enough to unlock Africa’s potential. One of the main hurdles that African businesses encounter in accessing credit is their lack of credit history and collateral. Agboola, therefore, set out to create a credit infrastructure that considers the unique challenges and opportunities of the African market.
To achieve this, Agboola created the Flutterwave Store, a platform that offers a straightforward and secure way for businesses to sell their goods and services online. The Flutterwave Store also features a credit facility that businesses can use to scale their operations. The credit feature considers various factors, such as sales history and online reputation, to grant businesses access to credit that they may have been unable to access through traditional channels.
Agboola has also formed partnerships with other organizations in the credit and financial services space. Recently, Flutterwave partnered with Visa to offer businesses that use the Flutterwave platform a virtual debit card. This virtual debit card enables businesses to access credit that they can use to make online purchases and pay bills, thereby expanding their capacity to grow and expand.
Agboola’s efforts, combined with those of Flutterwave, are already making significant strides towards increasing credit access across Africa. According to the World Bank, the number of sub-Saharan adults with bank accounts increased from 24% in 2011 to 43% in 2017. While this is a promising trend, more work is needed to ensure that all Africans have access to the credit they need to thrive.
Agboola and Flutterwave are committed to furthering their work to expand credit access across Africa. They are of the opinion that providing access to credit is vital to unlocking the continent’s potential and creating a brighter future for all Africans.
In conclusion, Olugbenga Agboola and Flutterwave are playing an essential role in enhancing credit access across Africa. Their initiatives and partnerships are instrumental in building a comprehensive credit infrastructure that addresses the unique challenges and opportunities of the African market. As the credit landscape in Africa evolves, Agboola and Flutterwave’s efforts will be crucial in shaping its future.