Flutterwave appoints former CBN director as board chair

Flutterwave, Africa’s most valuable startup, has appointed Dipo Fatokun, a former director at the Central Bank of Nigeria (CBN), as its new board chairman, as part of its effort to uphold higher regulatory, compliance, and governance standards.

Fatokun has extensive experience as a board member and board chair, having served on more than five boards in the last decade. He is the chair of United Capital’s audit and governance board.

During his time at CBN, he led initiatives such as the Cashless Nigeria Initiative, the Bank Verification Number (BVN) project, and the Treasury Single Account (TSA) for the Federal Government. He also led efforts to automate foreign currency payments for the Central Bank’s internal and external customers.

The fintech has also appointed Tosin Faniro-Dada, a partner at Breega, an early-stage VC fund in Europe and Africa, as an independent non-executive director.

“As a company, we’ve gone through different organisational changes in our growth journey, but one thing remains steadfast – our commitment to maintaining the highest regulatory and operational standards,” said Olugbenga Agboola, the CEO and Founder of Flutterwave.

Their appointments come three months after Flutterwave appointed five new executives across its risk, compliance, and expansion departments. Two weeks ago, Flutterwave also added a new board member, Nigerian architect Olajumoke Adenowo, as part of its efforts to drive its international expansion strategy.

“The company plays a vital role in the fintech ecosystem across Africa. I’m looking forward to supporting the company’s goal of being a model fintech company that advances payment innovations while upholding the highest regulatory and compliance standards,” Fatokun said in a statement.