Nigerian fintech Flutterwave has denied reports that the country’s federal government plans to invest $75mn in the company, pushing back against claims that the move was linked to a potential initial public offering.

Local media reports had suggested that President Bola Ahmed Tinubu approved a $75mn investment through the Ministry of Finance Incorporated (MoFI) ahead of plans for the company to raise up to $250mn via an IPO.

“We’d like to clarify that the information circulating is inaccurate, including the reported $250mn figure,” a company representative said in a statement to Techpoint Africa, which did not comment directly on interaction with Nigerian authorities.

“Flutterwave is not in any way close to an IPO, and they have made no announcements regarding a listing or fundraising tied to an IPO as described.”

The Nigerian company was last valued at over $3bn following a 2021 funding round, which had fuelled expectations of a near-term IPO. It has since become the world’s most licensed non-bank financial entity, operating in more than 35 countries with over 50 licences.

However, global market conditions for high-growth technology listings have also weakened, prompting many startups to delay public offerings. Flutterwave has also faced regulatory scrutiny in several markets, contributing to a more cautious approach to expansion and capital raising.

CEO Olugbenga Agboola has previously indicated that the company’s priority is to strengthen governance and operational systems ahead of any listing, without committing to an IPO timeline.

Over the past decade, Flutterwave has processed more than 1bn transactions valued at over $50bn, building payments infrastructure linking businesses and consumers across Africa, the United States, the United Kingdom and parts of Europe.

Agboola has said the company aims to operate a payment-agnostic platform connecting commerce, logistics and payments, while retaining Nigeria as its operational base.

Meanwhile, Flutterwave is moving beyond payments in Nigeria after securing a national microfinance banking licence that allows it to take deposits and lend directly, marking a shift in its business model and competitive position.

The government has shown growing interest in supporting the technology sector in recent years, although no official confirmation has been issued regarding a direct investment in Flutterwave.

A future listing by the company would represent a milestone for Africa’s fintech sector, which has seen rapid growth but limited large-scale public market debuts.