There’s nothing simple about global finance. As Flutterwave, a leading payment services provider in Africa, continues its rapid expansion worldwide, its business becomes more complicated. The regulations and best practices that govern the safe movement of money across borders, between individuals, and over the internet can create complex problems.
Fintech companies must balance the needs of a demanding customer base, who want easy and instantaneous transactions, against the requirements of national regulators that want to ensure that cyber money is used legally and safely.
Fortunately, Flutterwave has processes in place to untangle the knotty issues that can stifle business transactions, delay personal payments, and result in data theft. The firm recently hired some experts in risk management, including Amaresh Mohan, the enterprise’s first chief risk officer and a 25-year veteran of the sector, including leadership roles at PayPal, GoTo, and Stripe.
Creating Confidence
When Flutterwave launched in 2016, it did so with a thorough understanding of the marketplace. Driven by its founder’s experience working at industry titans, including Google Wallet and PayPal, the company began life with a solid grasp of the fintech space.
That kind of expertise made the startup attractive to investors, who could see both the needs of the marketplace and the on-the-ground know-how that Flutterwave brought to the table. And it didn’t stop there. Throughout its lifetime, Flutterwave has repeatedly relied on the guiding wisdom of industry veterans to steer its movements.
Take, for example, the company’s origin story. Flutterwave was initially created to solve a problem that enterprise companies faced when doing business on the African continent: A patchwork of rules and regulations made cross-border payments difficult. Processing payments to workers from one nation to another could take days, even if the same bank was present in both countries.
Flutterwave’s founder and CEO, Olugbenga “GB” Agboola, knew he could create solutions to these problems — but he couldn’t do it alone. Luckily, his company quickly caught the eye of executives at Uber, which was searching for a way to bring its ride-sharing service to more places in Africa. After a few meetings, Uber partnered with the young fintech outfit.
“Africa’s landscape presents unique challenges: complex regulations, fragmented payments systems, and the ever-present need for robust fraud prevention measures. These obstacles can seem challenging, but with the right partnerships, success could just be around the corner,” said Agboola. “I firmly believe that building efficient partnerships is important for success in Africa’s vibrant and rapidly growing market. These partnerships enable businesses to navigate regulatory complexities, ensure secure transactions, and innovate continuously.”
Flutterwave and Africa’s Unique Challenges
Diverse payments systems in Africa create operability challenges: Every country has not only specific regulations around finance and technology, but also culturally unique ways the population interacts with money. Flutterwave surmounts these issues by setting up offices in different locales, following through with regulatory requirements in countries of operation and gaining local knowledge, helping the company launch effectively in each new nation.
An Eye on the Endgame
As technology continues to improve and lawmakers write ever-more sophisticated legislation, Flutterwave faces new and constantly changing challenges. So, while it works to expand its footprint across Africa and beyond, the company spends significant resources to meticulously uphold the highest and global regulatory standards.
Flutterwave has to keep an eye on the evolving state of cybercrime and the moves other governments are taking to ensure the safety of their citizens’ digital information.
Toward that end, assessing risk is fundamental for any fintech business that operates on a global scale. To ensure that its platform stays up to date against the latest hacking technology while also maintaining its legality among the 30-plus nations it serves, the company has developed a detailed compliance and risk assessment framework.
Flutterwave doesn’t just maintain round-the-clock monitoring of its services and platform; the company also regularly engages in self-audits to find any anomalies, disruptions, or suspicious operations that can threaten its service delivery or threaten to breach its protections.
With Mohan as its first chief risk officer, Flutterwave is sending a signal that it intends to grow responsibly and safely. With 25 years of experience in the financial sector, including roles at GoTo Group, Stripe, PayPal, and major banks like Citibank and Bank of America, Mohan brings a wealth of expertise to the company. At Flutterwave, he will oversee all aspects of risk management, including compliance, trust, and safety, working closely with the board to foster a risk-aware culture and strong governance.
Mohan’s experience in enabling market entries and scaling up in emerging markets aligns perfectly with Flutterwave’s expansion strategy, positioning the company to navigate regulatory complexities, ensure secure transactions, and drive innovation in Africa’s rapidly growing market.
In addition to Mohan, the company welcomed Amanda Ortega, who has taken over the role of head of compliance for the United States; Steven Huynh, the new vice president for global expansion and payment partnerships; Chris Davis, who has become the vice president of risk and compliance operations; and Adewale Ayantoye, who has taken on the role of vice president for risk management.
“We are excited to welcome Amaresh, Amanda, Steven, Chris, and Adewale to Flutterwave,” Agboola said. “This is a big step forward on our journey to build sustainable, safe, and secure payment solutions that connect Africa to the world and vice versa. Their wealth of experience will help us maintain an atmosphere of sustainable growth and a constructive environment for our people. They will help us solidify our commitment to providing excellent payment services to existing and potential enterprises and individuals from across the world.”