In less than five years of existence, portfolio company Flutterwave, founded by a team of ex-bankers, entrepreneurs, and engineers, has carved a niche for itself in Africa’s fast rising fintech sector. The company’s executives fielded questions from Business A.M.’s Saviour Adugba on the fintech state of play in a time of COVID-19, and how Flutterwave has navigated itself during this time.
Q: Many people have referred to some of the effects of the pandemic as the “new normal”. What are your thoughts about this in relation to the digital payment sector? The significant shift to remote work, online shopping and digital payments are all effects of the pandemic. We prefer to look at the situation from the perspective of where we are coming from and where we are going. We are coming from a society where cash is a dominant means of payment. The pandemic may have significantly changed consumer behaviour but there is still more work to do. The new normal is still the pre-pandemic world with a little change in consumer behaviour favouring online payments. A significant shift from cash to digital payments is a gradual process and soon, we will get there.