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Flutterwave secures Ripple backing in landmark $3.2bn funding round

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By Philippine Duru

philippineobetoduru@gmail.com

08034905774

Global blockchain payments company Ripple has made a strategic investment in Nigerian fintech giant Flutterwave as part of a Series E funding round that values the African payments company at $3.2 billion, deepening efforts to expand stablecoin-powered payments and cross-border financial services across the continent.

The investment marks a significant milestone for Flutterwave, one of Africa’s most valuable technology companies. It underscores growing investor confidence in the role of digital assets and blockchain technology in transforming Africa’s payments ecosystem. While the size of Ripple’s investment was not disclosed, the transaction forms part of Flutterwave’s latest fundraising round, which has pushed the company’s valuation to $3.2 billion and increased its total funding to more than $500 million.

The partnership is expected to strengthen Flutterwave’s stablecoin strategy by integrating Ripple’s enterprise blockchain infrastructure, payments network, and RLUSD stablecoin into Flutterwave’s existing payment ecosystem. The collaboration aims to provide faster, cheaper and more efficient cross-border payment solutions for businesses and consumers across Africa.

Cross-border payments remain one of the biggest challenges facing African businesses due to fragmented banking systems, foreign exchange restrictions, currency volatility and lengthy settlement times. Industry experts believe stablecoins could help address many of these challenges by enabling real-time settlement and reducing dependence on traditional correspondent banking networks.

Under the new partnership, Flutterwave plans to embed RLUSD as a key settlement asset across its payment rails and remittance channels while leveraging the XRP Ledger to facilitate faster transaction processing. The companies also intend to connect Flutterwave’s extensive domestic payment infrastructure with Ripple’s global payments network through a unified application programming interface (API).

The move is expected to bolster Flutterwave’s position as a leading provider of digital payment infrastructure in Africa. The company currently operates in more than 35 African countries and has processed over one billion transactions worth more than $50 billion since its inception.

Analysts say the deal reflects a broader trend of convergence between traditional financial services and blockchain-powered payment systems. By combining Flutterwave’s extensive merchant network and local payment rails with Ripple’s digital asset technology, the partnership could significantly improve liquidity management and reduce transaction costs for businesses engaged in international trade.

The investment also represents an important step in Ripple’s expansion strategy in Africa. The blockchain company has been increasing its focus on stablecoin-based payment infrastructure as demand grows for alternative settlement mechanisms that can support global commerce while minimizing foreign exchange risks and transaction delays.

For Nigeria, the partnership is expected to reinforce the country’s status as a major fintech hub on the continent. With digital payments adoption accelerating and demand for efficient cross-border transactions rising, industry stakeholders believe the collaboration could unlock new opportunities for trade, remittances and financial inclusion across Africa.

The latest fundraising round comes as Flutterwave continues to expand its product offerings and strengthen its technology infrastructure amid growing competition in Africa’s rapidly evolving fintech sector. By attracting strategic backing from Ripple, the company is positioning itself at the forefront of the continent’s transition toward digital asset-enabled financial services.

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Business

North African Airline incurs Nigeria’s wrath

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By Philippine Duru

philippineobetoduru@gmail.com

08034905774

 

 

Nigeria has warned EgyptAir to modernise the aircraft deployed on its Nigerian routes, stressing that continued use of ageing planes could affect the airline’s operations in the country.

The Minister of Aviation and Aerospace Development, Festus Keyamo, gave the warning during a bilateral meeting with his Egyptian counterpart, Sameh El-Hefny, on the sidelines of the ongoing El-Alamein International Airshow (EIAS 2026) in Egypt.

According to a statement issued by Keyamo’s media aide, Tunde Moshood, the meeting focused on improving air connectivity between Nigeria and Egypt and strengthening cooperation between the two countries’ civil aviation authorities.

The discussions also covered the expansion of technical and professional capacity, as well as opportunities for greater collaboration among airlines, airports, regulators and other aviation stakeholders.

Keyamo specifically urged EgyptAir to deploy newer-generation aircraft on its Nigerian routes, rather than continuing with what Nigeria considers ageing aircraft.

“The minister also used the engagement to emphasise the need for a stronger and more modern fleet deployment by EgyptAir on its Nigerian routes,” Moshood said.

He said Keyamo urged the airline’s management to move away from the continued deployment of ageing aircraft and prioritise newer-generation aircraft in the Nigerian market.

According to the minister, fleet modernisation was essential to improving passenger experience, operational efficiency and the airline’s competitiveness.

Keyamo further stressed the strategic importance of Nigeria-Egypt aviation relations, noting that both countries occupy important positions within Africa’s aviation ecosystem.

He reaffirmed Nigeria’s commitment to expanding strategic international partnerships to improve air connectivity, promote tourism and trade, support airline growth and deliver greater value to passengers and the aviation industry.

The Nigerian delegation also expressed the country’s readiness to work with Egypt’s Ministry of Civil Aviation to identify areas of mutual cooperation, particularly within the framework of the Single African Air Transport Market (SAATM).

Responding, El-Hefny welcomed the engagement and reaffirmed Egypt’s commitment to deepening aviation cooperation with Nigeria.

He called for closer collaboration between the two countries to advance air transport development and strengthen links between their aviation industries.

The Egyptian minister also advocated stronger institutional cooperation between the African Civil Aviation Commission (AFCAC) and the League of Arab Civil Aviation (LACA).

“Enhanced collaboration between the two regional aviation bodies could promote stronger partnerships and facilitate greater cooperation among African and Arab States,” El-Hefny said.

The meeting ended with both ministers reaffirming their commitment to sustained dialogue, stronger institutional cooperation and initiatives aimed at delivering tangible benefits to the aviation sectors of Nigeria and Egypt.

 

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₦10m monthly made from akara and bread business -Umo Eno

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Philippine Duru

philippineobetoduru@gmail.com

08034905774

 

 

 

Akwa Ibom State Governor, Umo Eno, has recounted his early experience in entrepreneurship, revealing that he once made not less than ₦10 million in a month from selling akara and bread.

Eno, who spoke while reflecting on his journey before entering public service, said the business experience played an important role in shaping his understanding of enterprise, hard work and wealth creation.

According to the governor, he started from a modest venture involving the sale of akara and bread before gradually expanding his business activities.

“I started selling akara and bread. I made not less than ₦10m in a month,” Eno said.

The governor’s account highlights the entrepreneurial path he pursued before rising through the ranks in business and eventually becoming governor of Akwa Ibom State.

Eno has frequently emphasised the importance of entrepreneurship and economic empowerment, particularly as a means of creating opportunities for young people and reducing dependence on government employment.

His recollection of the akara and bread business also underscored his view that small businesses, when properly managed and supported, can grow into significant sources of income and employment.

The governor’s comments come amid growing conversations around entrepreneurship, youth empowerment and the need to create sustainable livelihoods in Nigeria, where many young people are turning to small and medium-scale enterprises to earn a living.

Eno has continued to advocate policies and initiatives aimed at expanding economic opportunities and encouraging residents to become self-reliant through productive ventures.

His story of moving from selling akara and bread to occupying the highest political office in Akwa Ibom has also been presented as an example of how entrepreneurship, persistence and business experience can shape an individual’s journey to leadership.

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Business

All share index gains about 0.81% as NGX rebounds

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The Nigerian Exchange Limited (NGX) rebounded last week, with the All-Share Index (ASI) gaining about 0.81 per cent to close at 241,298.47 points, as renewed investor interest in oil and gas and banking stocks lifted market sentiment.

 

The week’s gain translated into an estimated ₦1.29 trillion increase in market capitalisation, pushing the value of listed equities to about ₦155.83 trillion.

 

With the latest appreciation, the NGX’s year-to-date return remained strong at approximately 55 per cent, underscoring the market’s substantial gains despite intermittent periods of profit-taking and volatility.

 

The recovery was largely driven by buying interest in oil and gas and banking stocks, with Seplat Energy among the notable gainers during the week.

 

Market sentiment also received a boost from developments in Nigeria’s international financial-market standing. FTSE Russell confirmed the country’s reclassification to Frontier Market status, effective September 21, 2026, a move expected to influence international investor positioning toward Nigerian equities.

 

Further support came from Moody’s decision to revise Nigeria’s outlook to positive, reinforcing expectations that ongoing economic and fiscal reforms could improve the country’s credit profile.

 

Despite the positive performance, trading activity was relatively subdued, partly reflecting the shortened trading week. Market volume declined as investors adopted a more cautious approach amid prevailing economic uncertainties and profit-taking pressures.

 

Analysts said the latest rebound highlights continued investor appetite for fundamentally strong sectors, although the sustainability of the market’s upward trajectory will depend on macroeconomic conditions, corporate earnings, foreign investor participation and policy developments.

 

As investors enter a new trading week, attention is expected to remain on the performance of banking and energy stocks, while the implications of Nigeria’s forthcoming Frontier Market reclassification could further shape sentiment and capital flows into the equities market.

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