Flutterwave CFO Exit Raises Fresh Worries Amid IPO, Growth Plans

By Adedapo Adesanya

The exit of Mr Oneal Bhambani, the Chief Financial Officer (CFO) of Flutterwave, Africa’s most valued payments company, may have left the company in a state of uncertainty, raising questions about its planned Initial Public Offering (IPO).

Mr Bhambani, who joined the company in May 2022, announced his resignation on Tuesday, expressing his gratitude for the opportunity in a LinkedIn post but did not provide specific reasons for his departure.

“Last week, I made the difficult decision to end my tenure at the company (Flutterwave),” he said in the short message.

Mr Bhambani’s arrival at Flutterwave was seen as a strategic move to stabilise the company, which had been grappling with allegations of financial improprieties and employee mistreatment.

His extensive background, including previous roles at American Express and Kabbage, had initially instilled confidence in the organisation’s ability to navigate challenging times, especially following Flutterwave’s legal troubles in Kenya and the need to obtain necessary licensing.

However, the departure of Mr Bhambani, alongside two other finance executives, Ms Rebecca Mendel and Mr Oscar Lan, who also joined Flutterwave from Kabbage, adds to the uncertainty surrounding the firm’s future, particularly regarding its plans to go public.

Some industry experts suggest that the resignations could potentially disrupt Flutterwave’s plans for public listing, as the entity may need to reevaluate its financial strategies and leadership structure.

In August, the co-founder of the coy, Mr Olugbenga Agboola, said the organisation was forging ahead with its planned listings because it is very crucial to realise its targets, noting that it has become necessary for the company to attract large global clients.

Mr Agboola was the face of public scrutiny in 2022 over allegations bordering on harassment and bullying. The company also took a hit in July last year, when the Kenyan High Court froze its bank accounts under anti-money laundering rules, and the country’s central bank said it wasn’t licensed to operate payment services.