E-Financial
Bhambani, Flutterwave CFO Resigns amidst $50m IPO Plans
Oneal Bhambani, chief financial officer (CFO) at Flutterwave, has resigned, just over a year after joining the Africa’s leading payments company.
Bhambani, took to his LinkedIn to make the announcement public, saying “I wish everyone at Flutterwave the best and I will be rooting for you. Last week, I made the difficult decision to end my tenure at the company.”
His resignation is coming as the fintech company plans a $50 million investment in Kenya.
Bhambani joined Flutterwave after serving as CFO for American fintech Kabbage.
He was at Kabbage, a lending company, when it was acquired by American Express.
Post acquisition, he stayed on as an executive. He left American Express to join Flutterwave at a time when the company was facing fraud allegations in Kenya and battling court cases.
Flutterwave in Kenya has undergone what its Co-founder terms as ‘a baptism of fire”.
Alleged accusations of money laundering led the corruption watchdog, Ethics and Anti-Corruption Commission (EACC), to shut down several of its bank accounts in the country.
The development saw the state freeze over USD 52 million of Flutterwave’s funds. However, the case was withdrawn and Flutterwave was granted access to its accounts on this occasion.
This year, a group of 2,468 Nigerian Nationals obtained a court order to have 45 Flutterwave accounts in Kenya frozen alongside 10 Mobile Money Wallets.
The Nigerians claimed the pan African start-up was the vehicle used to defraud them of $12.04 million.
Bhambani’s time at the payments company was also marked by expansion into Rwanda as a licensed remittance company.
After making his resignation public, he has not announced his next move yet.
In the interim, Israel Koledowo, head of Finance for Africa, will serve as the Flutterwave’s CFO.
The company is set to begin a global search for a new CFO.
Meanwhile, despite, its troubles in Kenya, Flutterwave plans a $50 million (Ksh7.3 billion) investment in Kenya.
Bhambani has quit as at crucial phase as the firm pushes for a payments and remittances licence in Kenya.
In September, Olugbenga Agboola, the company’s chief executive and co-founder confirmed that Flutterwave has received first-name approval from the Central Bank of Kenya (CBK).
“We are looking at investing not less than $50 million. We are employing people. We are getting a new office and scaling up our infrastructure. There is a lot to do in Kenya,” said Mr Agboola.
Optimistic on receiving a payments and remittance licence from the regulator, Flutterwave has been hiring more staff to prepare the ground.
The firm has snapped up top talent from other fintech’s like Chipper Cash and tech companies including Safaricom and Microsoft. It is building a team while planning to set up a physical premise in the country.
Securing approval in Kenya will expand Flutterwave’s presence into additional African markets, including Egypt, South Africa, Nigeria, Rwanda, Tanzania, and Cameroon, where the company already offers payment infrastructure solutions for merchants and service providers.
Bhambani, who previously served in the same role at American Express and Kabbage, joined Flutterwave in June 2022—a few months after the company secured a $250 million Series D at a valuation of over $3 billion.
Announcing his appointment at the time, Olugbenga ‘GB’ Agboola, founder and CEO of Flutterwave, said: “His track record of operating finance to enable scale and innovation with listed company standard financial controls will help us accelerate our growth as we continue to meet the needs of our expanding global customer base.”
Given that his appointment occurred a few months after the company had been accused of financial misconduct, some analysts contended that Bhambani’s hiring was imperative.
They argued that since the scandal primarily centred on financial issues, an experienced CFO could have either prevented or more effectively controlled the problems.
Earlier this year, allegations of financial misconduct against Flutterwave in Kenya were dismissed. Subsequently, the fintech company has initiated a series of strategic hires to facilitate its expansion in the East African nation.
Moreover, it has unveiled intentions to invest $50 million in the country. In August, Flutterwave received name approval from the Central Bank of Kenya, a significant step towards obtaining its remittance and payment licenses.
In August, Flutterwave partnered with IndusInd, the sixth largest bank in India by assets, to expand its remittance product, Send App to the South Asian country. Before the expansion announcement, Agboola said that it was moving forward with plans for an initial public offering (IPO), which it first publicly indicated in 2022.
“The timing of the listing will be determined by many factors.
Currently, we’re dotting the i’s and crossing the t’s. Like any company in our position, we consider multiple strategic opportunities. I can’t share any details regarding listing venues,” Agboola said.
Flutterwave processes over 500,000 daily payments and operates across 34 African countries, accepting payments in more than 30 different currencies.
The platform offers a wide array of payment options, exceeding 15, and it receives over 20 million API calls each day.
Additionally, as of February 2022, Flutterwave’s e-commerce solution amassed a network of more than 30,000 merchants.
Their rapidly growing product, Flutterwave Send, which debuted in December 2021, processed 4,729 transactions amounting to $3.6 million in its first full month of operation.
This product attracted customers from the United States, the United Kingdom, and Nigeria.
By March 2021, Flutterwave had processed 140 million transactions totaling over $9 billion. By February 2022, the number of transactions processed had surged by more than 40%, reaching 200 million transactions, with the transaction value soaring by 78% to $16 billion.
During the same period, the number of businesses utilising Flutterwave’s diverse payment methods globally tripled, growing from 290,000 to 900,000, according to Contrary Research.
Mr. Olusegun Ayo Omosehin, the Commissioner for Insurance (CFI), has reaffirmed the National Insurance Commission’s (NAICOM) commitment to strengthening collaboration with the Nigerian Council of Registered Insurance Brokers (NCRIB) to enhance compliance, consumer protection, and broader insurance awareness across the country.
Mr. Omosehin, gave the assurance when he received a delegation from NCRIB, led by its President, Prince Babatunde Oguntade, alongside the incoming President and incumbent Vice President, Mrs. Ekeoma Ezeibe, at the Commission’s headquarters in Abuja, according to a statement.
Welcoming the delegation, the Commissioner commended the Council for its sustained partnership with NAICOM and applauded its role in advancing industry compliance and professionalism.
He congratulated Prince Aguntade, Mrs. Ezeibe, and Mr. Tope Adaramole, appreciating their contributions towards strengthening consumer protection and broker engagement.
The CFI further congratulated NCRIB on the successful passage of the Nigerian Insurance Reform Act (NIIRA) 2025, stressing that enforcement remains the real task ahead. He assured the Council that NAICOM would continue to rely on its collaboration to achieve effective implementation.
Highlighting industry priorities, Mr. Omosehin emphasized the need to expand insurance awareness, improve competence across the market, and ensure operators align with the Digitalization Regulation 2025.
Lawmakers from several African countries converged in Abuja on Monday to collaborate on strategies to block the annual revenue leakages of $587 billion, as reported by the African Development Bank (AfDB) in May this year.
This comes as Nigeria’s National Assembly reaffirmed its commitment to establishing the National Assembly Budget and Research Office (NABRO)—an independent, non-partisan budget office designed to support evidence-based budgeting, comparable to the United States Congressional Budget Office (CBO).
The urgency to curb the $587 billion (approximately ₦887 trillion) lost to capital flight across Africa was brought to the fore at the opening session of the 8th Conference of the African Network of Parliamentary Budget Offices (AN-PBO), held in Abuja.
In his keynote address, Tajudeen Abbas, speaker of the House of Representatives, stressed that there was no better time for African legislators to confront the continent’s fiscal and governance challenges through effective and efficient legislation.
According to him, revenue leakages—particularly those resulting from corruption, illicit financial flows, and systemic inefficiencies—must be addressed through enhanced budget scrutiny and oversight.
“According to the African Development Bank, Africa loses over $587 billion annually to capital flight—money that flees the continent through corruption, illicit trade, mispricing, and profit shifting by multinational corporations,” Abbas said.
“Corruption alone is estimated to drain about $148 billion annually, while other illicit financial flows—such as trade malpractices and smuggling—siphon away tens of billions more. This is money that should be building roads in Lagos, equipping hospitals in Nairobi, or improving schools in Accra. Instead, it vanishes.”
He noted that Nigeria presents a cautionary example of both the scale of the problem and the urgent need for reform.
“In our public procurement processes—which account for a significant portion of government spending—Nigeria loses an estimated $18 billion annually to financial crimes, roughly 3.8% of our GDP. These leaks could fund countless social programmes.”
Abbas emphasised that budget leakages undermined the effectiveness of government programmes and must be stopped to ensure better outcomes for citizens.
“That is why we are increasing oversight hearings, audit inquiries, and strengthening anti-corruption legislation. Oversight is essential to ensure that limited resources are deployed for the public good,” he stated.
He also highlighted the lack of institutional capacity in many African parliaments, which hampers their ability to effectively scrutinise budgets and monitor public expenditure.
“Without access to high-quality fiscal data and independent economic analysis, legislators cannot adequately hold the executive accountable on complex macroeconomic issues such as debt sustainability and investment efficiency.”
This, he explained, is precisely the gap that Parliamentary Budget Offices (PBOs) are intended to fill.
Abbas stated that Nigeria was responding to these challenges through reforms aimed at strengthening the legislative ‘power of the purse’ and ensuring greater accountability in public finance.
“One of the most significant advancements is our effort to establish the National Assembly Budget and Research Office (NABRO) as an independent, non-partisan body to support our legislature.
“Let me assure this audience that the National Assembly is fully committed to NABRO’s realisation, full funding, and independence,” he further said.
He added that beyond NABRO, the Nigerian legislature was pursuing a broader fiscal governance agenda: “We are revising our Fiscal Responsibility and Finance laws to enhance budgetary discipline and transparency. We are also empowering our Public Accounts Committees to take decisive action on audit findings.”
Earlier in his remarks, Barrister Kamoru Ogunlana, clerk to the National Assembly (CNA), described the conference as a critical platform for peer learning and capacity building, aimed at institutionalising evidence-based public finance management.
“I encourage us all to use this conference not only as a platform for exchange, but as a springboard for innovation and renewed commitment to fiscal responsibility,” he said.
Representatives from 16 African countries participated in the conference, including Nigeria, Ghana, Kenya, Uganda, South Africa, Tanzania, Namibia, Zimbabwe, Malawi, Mozambique, Liberia, The Gambia, Sierra Leone, Cape Verde, among others.
E-Financial
JustMarkets Unveils Revamped IB Program with Flexible Commissions, Enhanced Partner Benefits
JustMarkets, a global multi-asset broker, presented a new version of its Introducing Broker Program.
The upgraded IB structure is designed to give even higher returns, more partner transparency, commission flexibility, long-term growth, and clearer rules, adapted to the current macroeconomic environment.
Let’s see why this program is so groundbreaking and what benefits it offers to each partner.
Benefit #1. Income for 100% of client trading volume
The standout change is the shift from a fixed-per-lot payout to a percentage-based commission model, allowing partners to earn:
Up to 45% of the spread on Standard, Standard Cent accounts.
Up to 30% of the spread on Pro accounts.
Such a flexible system helps partners to get rewards for 100% of client trading volume, including scalping, intraday, and other short-term strategies often excluded under traditional fixed-lot programs.
Benefit #2. Higher spreads in times of market volatility
Under the percentage-based model, spreads can increase during periods of market volatility. As a result, commissions will increase, too. Regardless of what traders prefer: gold, oil, Forex, or digital assets, partners can benefit directly from market movement, which makes this program exceptionally profitable during active trading conditions.
Benefit #3. No longer bound by strict MTP rules
Perhaps the biggest frustrations for IBs have been the Minimum Trading Point requirement, which filters out a huge portion of eligible trades. JustMarkets has fully removed it, meaning every completed trade went straight to the partner earnings. This creates a better, more predictable revenue stream, especially valuable for high-frequency traders.
Benefit #4. More tools, transparency, and rewards
JustMarkets has also improved its Partner Area with real-time reporting tools, updated commission details, and full visibility into client spreads directly in the trading terminal. This change aimed to build more trustful broker-traders and broker-partners relationships by showing exactly how commissions are calculated.
To further support growth, the program offers loyalty rewards worth up to $500,000, including cash bonuses, luxury gadgets, and even cars. Nigerian partners also benefit from naira-friendly deposits and withdrawals, as well as access to marketing assets like banners, landing pages, and analytics.
A program built for long-term partnerships
JustMarkets is strengthening its commitment to partner success with a next-level IB program built for today’s market dynamics. This upgrade removes outdated requirements like the MTP, ensuring that every trade contributes to partner earnings. It also features a flexible, percentage-based commission system, offering up to 45% of the spread for all instruments, from gold and oil to Forex and digital assets.
According to Yasser Mansour, who is JustMarkets Senior Key Account Manager, all these changes were made with partners and traders in mind:
“We did everything to deliver a fairer, more adaptable, and more rewarding partnership model. Our team believes that traders and partners are the heart of every innovation and service we work on. The revamped IB program is a great tool for partners to get new opportunities, grow their businesses, and succeed in highly volatile markets. Our sincere aim is to provide the most transparent and rewarding partnership environment for partners and traders worldwide.”
To start using the JustMarkets Trading app, simply register and download it on your Android or iOS device.
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