Securing The Future: How Flutterwave Manages Money
Security is a primary concern for modern financial institutions. But for the African e-payments platform Flutterwave, it’s a differentiator.
Author:James PierceReviewer:Alberto ThompsonMar 27, 202510 Shares2.4K Views
Security is a primary concern for modern financial institutions. But for the African e-payments platform Flutterwave, it’s a differentiator.
Since starting in 2016, the company has grown from its native Africa to operate offices across countries in Europe and North America. Its rapid expansion — it’s already processed over 890 million individual transactions totaling over $34 billion — is due to both the intuitive feel of its applications and the security of its platform.
Flutterwave’s track record of attracting new customers across diverse marketplaces while safeguarding user data is a masterclass in how startups can balance the desire for growth against the need to provide secure operations.
The Growing Threat Of Cybercrime
Most startups focus first on expansionand second on security. But as cybercriminals become increasingly sophisticated, companies cannot be content to simply respond to attacks. Today’s fintech outfits must be proactive in preventing and predicting threats to both their systems and their users.
But as more users join and new updates roll out, the process gets harder. Platforms like Flutterwave have to get innovative. In order to prevent criminals, they have to outsmart them.
One way the company stays ahead is by employing the latest technology to bolster its security apparatus.
“We are committed to staying ahead of the curve by leveraging AI to improve our compliance, monitoring and risk management,” saidOlugbenga “GB” Agboola, the founder and CEO of Flutterwave.
Along with artificial intelligence, Agboola’s company regularly updates its security software, performs self-audits, and educates all its personnel — even those who seemingly have nothing to do with security — on best practices for safeguarding user data.
Through next-gen technologies, such as multilayered authentication, tokenization, and IP whitelisting, Flutterwavebrings the full brunt of its abilities to bear against the threat of cybercrime.
The Right Hires
Flutterwave has also made a series of strategic hires to keep its security protocols on the bleeding edge of modern business.
Flutterwave recently brought in Mitesh Popat, who previously worked at Citibank, to serve as its chief financial officer. In the new role, Popat will oversee the platform’s monetary concerns and policies, such as ensuring that its security measures are airtight.
Another Flutterwave newcomer is Juliet Aluziwe, who joined the company in 2024 as its global head of internal audit. Prior to Flutterwave, she served nearly five years at KPMG US in progressively senior technology risk roles. Her career also includes leadership positions at Element Solutions Inc, Royal Bank of Scotland, and GE Capital, where she built extensive expertise in SOX compliance, internal audit, and risk management across multiple industries.
“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,” Flutterwave founder and CEO Olugbenga Agboola saidof the recent hires. “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.”
How Flutterwave Educates Users
Unfortunately, no amount of platform security can guarantee user data will stay safe. Often, the most common breaches happen because of users. When clients unknowingly provide their login credentials to scam artists or have their passwords stolen from other applications, their data can become compromised.
To help prevent these kinds of thefts, Flutterwave actively involves its users in its security process. The company provides regular updates on its security protocols and offers educational resources to help users protect themselves from both new and well-known threats.
User education is crucial, but it’s also complex. Because of its diverse user base, Flutterwave tailors its educational material to different demographics to allow the right messages to find the right users.
“We've got a couple of anti-phishing campaigns that we push to our customers so that they're always [aware],” Agboolasaid. “We cater to people from different income levels, different education levels, and different literacy levels, right, different temperaments. And what it means is that these people could be susceptible by virtue of their personality. And what we continue to do is to keep educating them to know the right from the wrong, to know when somebody is being mischievous with them, to know things they should put online and things they shouldn't put online.”
In addition to users, Flutterwave also works closely with governments and law-enforcement institutions to ensure that its platform is up to date and complying with all security rules and regulations. But it doesn’t stop there. Flutterwave goes beyond adhering to the letter of the law and often works alongside its own regulators to ensure that the fintech industry as a whole is as secure as possible.
“Over the years, Flutterwavehas developed a comprehensive compliance framework that includes regular audits, risk assessments, and continuous monitoring of its operations to ensure adherence to regulatory standards and leverages advanced technology and automation tools to monitor transactions, detect suspicious activities, and ensure that all processes comply with local and international regulations,” Agboola says.
James Pierce
Author
James Pierce, a Finance and Crypto expert, brings over 15 years of experience to his writing. With a Master's degree in Finance from Harvard University, James's insightful articles and research papers have earned him recognition in the industry.
His expertise spans financial markets and digital currencies, making him a trusted source for analysis and commentary. James seamlessly integrates his passion for travel into his work, providing readers with a unique perspective on global finance and the digital economy.
Outside of writing, James enjoys photography, hiking, and exploring local cuisines during his travels.
Alberto Thompson
Reviewer
Alberto Thompson is an acclaimed journalist, sports enthusiast, and economics aficionado renowned for his expertise and trustworthiness. Holding a Bachelor's degree in Journalism and Economics from Columbia University, Alberto brings over 15 years of media experience to his work, delivering insights that are both deep and accurate.
Outside of his professional pursuits, Alberto enjoys exploring the outdoors, indulging in sports, and immersing himself in literature. His dedication to providing informed perspectives and fostering meaningful discourse underscores his passion for journalism, sports, and economics. Alberto Thompson continues to make a significant impact in these fields, leaving an indelible mark through his commitment and expertise.
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