Grace Ashiru
African payments giant Flutterwave has announced the appointment of Mitesh Popat as its new Chief Financial Officer (CFO), nine months after the departure of former CFO Oneal Bhambani.
Popat previously held executive roles at Citi, including CFO for the Middle East and Africa and positions in Global Equities Sales and Trading. He will be responsible for managing Flutterwave’s corporate finance functions.
With two decades of experience in global financial services across various markets, Popat is set to be a key player in steering Flutterwave’s next phase of growth and financial sustainability, as stated by the company.
“I possess a deep understanding of the operating environment in Africa and the complexities involved in running a business in emerging markets. I aim to leverage my experience to foster Flutterwave’s growth while optimizing our business model for sustained profitability,” Popat expressed.
Popat takes over from Bhambani, who resigned just 18 months after joining the fintech startup. In March 2024, Flutterwave’s Chief Operating Officer, Bode Abifarin, also departed the company after six years of leading its operations. These significant exits have raised concerns regarding the company’s highly anticipated IPO plans.
Popat’s appointment comes several months after the company reassessed its product strategy, shifting its focus toward enterprise solutions and remittance services. In March 2024, Flutterwave decided to discontinue the underperforming Barter, a virtual card and international payments service that it had launched in 2017. In 2023, the company relaunched its international remittances product, Send App, and introduced additional offerings to assist local businesses in exchanging international currencies.
“As our new CFO, his efforts will contribute significant value to our customers—both enterprise merchants and retail remittance clients—as well as to the broader African fintech ecosystem,” stated Olugbenga Agboola, CEO of Flutterwave.
