Flutterwave promotes 25% of its global workforce in talent retention move

Flutterwave, the Nigerian payments fintech that acquired a microfinance banking licence in April, has promoted over 100 of its employees globally and introduced employee support packages as it marks its tenth operational year.

The company said it promoted about 25% of its global workforce, offering cost-of-living adjustments, tax support for employees in Nigeria, and a one-time economic relief payment for employees globally. The company did not disclose the levels or functions of the promoted staff.

The move underscores Flutterwave’s focus on talent retention at a time when several Nigerian fintechs, including Branch, Kuda, and Quidax, have reduced headcount in efforts to improve operational efficiency and cut costs.

“I often say our people are our secret sauce,” Olugbenga Agboola, Flutterwave founder and chief executive officer, said. “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 highlights how Flutterwave is evolving from one of Africa’s fastest-growing startups into a larger financial infrastructure company focused on scaling operations and retaining talent. It also reflects a broader shift across the industry, where fintechs are leaning on long-term incentives to retain talent.

In South Africa, GoTyme Bank, which became Africa’s latest unicorn in December 2024, recently announced plans to introduce an employee ownership programme as part of a similar push to align staff with long-term business growth.

Founded in 2016, Flutterwave built its business by helping merchants accept payments across African markets. The company became one of the continent’s most valuable startups after raising $475.3 million from investors including Tiger Global, Avenir Growth, and B Capital, according to funding tracker Crunchbase.

Over the past decade, Flutterwave has expanded beyond payment processing into remittances, consumer financial services, and banking infrastructure. In April, the company deepened its push into financial services after securing approval to acquire a Nigerian microfinance banking licence, giving it a regulated banking vehicle in its home market.

Flutterwave said it has processed more than 1 billion transactions and moved over $40 billion in total payment value (TPV) since launch, as it rolled out its employee recognition 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,” Annette Akpolo, Flutterwave’s head of people and culture, said. “Pairing merit-based individual growth with supporting the collective needs of the whole team [is an] essential part of how we build a company culture where people genuinely want to stay and grow over the long term.”

The company also said it recorded strong growth across local payment channels over the past year, with wallet-based collections rising 289% in transaction count and bank transfer value increasing 184%, reflecting growing adoption of local payment methods across its markets.

The announcement adds to a busy year for Flutterwave. In January, it acquired Mono, a Nigerian open banking startup, in one of the most significant consolidation deals in Africa’s fintech sector this year. The acquisition expanded Flutterwave’s access to financial data infrastructure and strengthened its account-to-account (A2A) payment capabilities.

For Flutterwave, which is entering its second decade, the latest employee initiative serves as both a reward for staff and a signal that the company expects continued growth.

“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.”