{"id":14344,"date":"2022-04-17T17:27:05","date_gmt":"2022-04-17T17:27:05","guid":{"rendered":"https:\/\/www.africa-press.net\/gambia\/uncategorized\/flutterwave-and-its-ceo-are-under-fire"},"modified":"2022-04-17T18:37:58","modified_gmt":"2022-04-17T18:37:58","slug":"flutterwave-and-its-ceo-are-under-fire","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/gambia\/all-news\/flutterwave-and-its-ceo-are-under-fire","title":{"rendered":"Flutterwave and its CEO are under fire"},"content":{"rendered":"

Africa-Press – Gambia. <\/strong><\/span>Olugbenga Agboola reportedly created a phantom co-founder to amass more ownership and shortchanged employee’s of stock options. On my third day as a tech reporter in 2019, Flutterwave became one of Y Combinator\u2019s most valuable companies. Valued at $150 million, the fintech giant joined an elite club populated by tech darlings Stripe, DoorDash, and Airbnb. On the current version of that list, Flutterwave is No. 35\u2014it\u2019s now Africa\u2019s most valuable unicorn.<\/p>\n

In the intervening years, part of my job has been understanding and explaining why startups like Flutterwave matter for Africa\u2019s impact on the global stage. Thus far, that narrative has been overwhelmingly positive: The consensus is that Africa is being redefined by the assumed operational excellence and value of its leading startups.<\/p>\n

But while that remains generally true, a vibe shift is also coming\u2014away from uncritical hype and toward addressing the real challenges that come with building lasting industries and businesses. That shift is thanks in part to recent allegations of financial and personal misconduct against Flutterwave CEO Olugbenga Agboola.<\/p>\n

Even as credible industry leaders demand accountability, Flutterwave and its CEO have not yet responded, and some are cautioning against condemning the company prematurely. But the allegations are already required reading for anyone, from Lagos to Silicon Valley, with an interest in African tech. The vanity-metric sugar rush that bolstered Flutterwave a few years ago means the company and its CEO are now too influential for governance questions to be ignored. And Flutterwave\u2019s reckoning, just like its ascent, will matter for Africa\u2019s impact on the global stage. \u2014Alexander Onukwue, west Africa correspondent<\/p>\n

? Tell us what you think! To make sure Quartz Africa is providing the content you\u2019re looking for, we want to hear from you\u2014take this four-minute survey to tell us what you think and how we can improveHere are some numbers to consider:<\/p>\n

23%: Nigeria\u2019s gross savings rate as of December 2020<\/p>\n

$120: Average monthly wage for a Nigerian in 2018 ($1 = N360)<\/p>\n

36%: Share of Nigerian adults with no access to financial services<\/p>\n

Given these realities, it might seem questionable for anyone to build a Nigerian tech company around a consumer savings app. But entrepreneurs are actively challenging the idea that Nigerians don\u2019t or can\u2019t save, by taking advantage of two factors: the complacency of traditional banks, and progress in digital payments. To learn more, check out this week\u2019s Quartz Africa Member Brief, available with a free trial of Quartz Africa membership.STORIES THIS WEEK<\/p>\n

Flutterwave\u2019s CEO is accused of misconduct. The fintech startup\u2019s founder allegedly created a phantom \u201cco-founder\u201d identity to give himself more shares in the company\u2019s early days, Alexander Onukwue reports.<\/p>\n

The US is fixated on China in Africa. While there are legitimate concerns about China\u2019s Africa engagement, Kang-Chun Cheng looks at how America\u2019s obsession has more to do with its own waning influence.<\/p>\n

Amazon Prime Video has local ambitions. The streaming platform is looking for at least three executives\u2014based in London, but with \u201cdeep knowledge\u201d of Nigerian culture\u2014to lead its plans to develop Nigerian films and series, Alexander Onukwue writes.<\/p>\n

Crypto is fighting for legitimacy in Africa. Despite crypto\u2019s meteoric growth among youth on the continent, Carolyn Campbell lays out how the asset class is struggling to gain legitimacy from the old guard\u2014governments.<\/p>\n

The UK is rerouting asylum seekers to Rwanda. The latter country will benefit, financially and otherwise, from doing the former a big favor, says Priya Sippy.As nations around the world ease or remove covid-19 restrictions, countries in Africa are increasingly following suit\u2014despite low vaccination rates. \u201cIt is a matter of concern that nearly half of all countries in Africa have stopped tracing the contacts of cases,\u201d the WHO\u2019s Africa regional director recently warned. After listening to two years of rhetoric about vaccine equity, Uwagbale Edward-Ekpu reports on why it may already be too late to address it on the continent.<\/p>\n

Dr. Dulcy Rakumakoe didn\u2019t have much of a choice over her career: Fed up with standing in line for a doctor, Rakumakoe\u2019s grandmother told her she\u2019d just have to become one. Rakumakoe did even more\u2014she qualified as a general practitioner and went on to launch Quadcare, a network of clinics that aims to provide affordable, empathetic, quality medical care for South Africans.<\/p>\n

Only 15% of South Africans currently have private medical insurance. The rest rely on government hospitals, which are often overcrowded. Vulnerable patients, such as members of the LGBTQ+ community, often experience harsh and discriminatory attitudes when being treated. So Quadcare aims to be both affordable (a complete medical checkup costs in the region of R350, or $25), and welcoming to patients of all types.<\/p>\n

Rakumakoe\u2019s startup now employs 40 people across 10 clinics, each of which sees around 500 patients a month. It also provides corporate health solutions for workplaces, and is experimenting with virtual consultations. Check out Quartz Africa\u2019s Innovators 2021 list, which showcases the pioneering work being done by Rakumakoe and other female African innovators.DEALMAKER<\/p>\n

Pylon, an Egyptian software company for utilities providers, raised $19 million in a debt and equity seed round led by Endure Capital. Participating investors include Cathexis Ventures, Loftyinc Capital, and Khawarizmi Ventures. The startup has previously been backed by Y Combinator.<\/p>\n

Nigeria-based digital bank startup Umba raised $15 million. Costanoa Ventures led the round, while executives from South American company Nubank, firms like Lux Capital, Palm Drive Capital, Banana Capital, and Streamlined Ventures also participated.<\/p>\n

QUARTZ GEMS<\/p>\n

Manage your expectations. Wall Street and central bank forecasters have dropped their estimates for economic growth in nearly all regions of the world, with the steepest adjustment being made for Russia. So is a recession coming? Goldman Sachs gives the US a 20% -35% chance of seeing one this year.<\/p>\n

OTHER THINGS WE LIKED<\/p>\n

Xenophobia in South Africa rears its ugly head. As South Africa\u2019s economy struggles, Bloomberg\u2019s S\u2019thembile Cele reports on how anti-foreigner vigilantes are riling up the population against migrants.<\/p>\n

Using your neighbor\u2019s wifi. Zimbabwe\u2019s mobile data is astonishingly expensive and slow. For Rest of World, Nyasha Bhobo profiles a border town that\u2019s become a remote work hub, as Zimbabweans tap into Mozambique\u2019s cheaper, faster internet.<\/p>\n

Africa\u2019s pay-as-you-go solar fails to live up to its promises. Once hailed as a solution for hundreds of millions of Africans unconnected to the grid, Bloomberg\u2019s David Kocieniewski and Gavin Finch look at how Paygo is now leading the poorest into debt traps.<\/p>\n

A South African designer\u2019s grand theory. New York Times fashion critic Vanessa Friedman got Thebe Magugu, a South African designer and rising star, to explain why the continent probably invented fashion.<\/p>\n

ICYMIGrants for outstanding entrepreneurs. Applications are open for Jack Ma\u2019s Africa Business Heroes competition, which awards a combined $1.5 million grant to 10 African entrepreneurs.<\/p>\n

Climate resilience and Africa\u2019s energy transition. Registration is open for the African Development Bank Group\u2019s press conference on climate and energy (Apr. 20)
\nThis brief was produced while listening to \u201cNezvangu\u201d by EXQ (Zimbabwe)<\/p>\n

Our best wishes for a productive and ideas-filled week ahead. Please send any news, comments, suggestions, Nigerian TV show ideas, and recession predictions to africa@qz.com. You can follow us on Twitter at @qzafrica for updates throughout the day.<\/p>\n

If you received this email from a friend or colleague, you can sign up here to receive the Quartz Africa Weekly Brief in your inbox every week. You can also follow Quartz Africa on Facebook.<\/p>\n

For More News And Analysis About Gambia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Gambia. Olugbenga Agboola reportedly created a phantom co-founder to amass more ownership and shortchanged employee’s of stock options. On my third day as a tech reporter in 2019, Flutterwave became one of Y Combinator\u2019s most valuable companies. Valued at $150 million, the fintech giant joined an elite club populated by tech darlings Stripe, […]<\/p>\n","protected":false},"author":84,"featured_media":14343,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,8,9],"tags":[2355,2361,2943,5901,260],"class_list":["post-14344","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-homepage-english","category-miscellaneous","tag-africa-press","tag-africa-press-gambia","tag-ceo","tag-flutterwave","tag-gambia"],"yoast_head":"\nFlutterwave and its CEO are under fire - Gambia<\/title>\n<meta name=\"description\" content=\"Olugbenga Agboola reportedly created a phantom co-founder to amass more ownership and shortchanged employee's of stock o ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/gambia\/all-news\/flutterwave-and-its-ceo-are-under-fire\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Flutterwave and its CEO are under fire\" \/>\n<meta property=\"og:description\" content=\"Olugbenga Agboola reportedly created a phantom co-founder to amass more ownership and shortchanged employee's of stock o ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/gambia\/all-news\/flutterwave-and-its-ceo-are-under-fire\" \/>\n<meta property=\"og:site_name\" content=\"Gambia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-04-17T17:27:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-04-17T18:37:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/gambia\/sites\/19\/2022\/04\/img-625c5e410c21f.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"656\" \/>\n\t<meta property=\"og:image:height\" content=\"492\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/flutterwave-and-its-ceo-are-under-fire#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/flutterwave-and-its-ceo-are-under-fire\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/gambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Flutterwave and its CEO are under fire\",\"datePublished\":\"2022-04-17T17:27:05+00:00\",\"dateModified\":\"2022-04-17T18:37:58+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/flutterwave-and-its-ceo-are-under-fire\"},\"wordCount\":1267,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/flutterwave-and-its-ceo-are-under-fire#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/gambia\/sites\/19\/2022\/04\/img-625c5e410c21f.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Gambia\",\"CEO\",\"Flutterwave\",\"Gambia\"],\"articleSection\":[\"all news\",\"homepage-english\",\"miscellaneous\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/gambia\/all-news\/flutterwave-and-its-ceo-are-under-fire#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/flutterwave-and-its-ceo-are-under-fire\",\"url\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/flutterwave-and-its-ceo-are-under-fire\",\"name\":\"Flutterwave and its CEO are under fire - 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