By Radarr Africa Business Desk
LAGOS, November 3 (Radarr Africa) – Flutterwave’s British subsidiary has written off its entire investment in Cyprus-registered payment provider Netinfopay Ltd after an objection from the Central Bank of Cyprus, according to a BusinessDay report published on Monday.
The newspaper said the objection was received in May 2025 and is disclosed in the company’s latest annual financial disclosures, which it described as the 2024 filings of Flutterwave UK Limited. BusinessDay called the episode Flutterwave’s second failed European acquisition attempt in three years and described Flutterwave as a $3 billion startup.
The central bank’s specific grounds for blocking the deal have not been made public, the report said.
The sequence set out by BusinessDay runs as follows. Flutterwave UK took 100 per cent of Netinfopay’s ordinary shares in 2023. The Central Bank of Cyprus objection followed in May 2025. The write-off of the whole investment then appears in the 2024 annual filings of Flutterwave UK. The report did not say when the filings were lodged or give the date on which the write-off was decided.
Flutterwave UK has held 100 per cent of Netinfopay’s ordinary shares since 2023, according to the filings cited by BusinessDay. Netinfopay is a subsidiary of NETinfo Plc, a Cyprus-based provider of digital banking software and omnichannel financial solutions.
The filings state that no adjustments were made to the financial statements. According to BusinessDay, the company said the event was disclosed so that users of the accounts would be aware of its nature and its potential future financial impact.
The Cyprus setback follows an earlier failed attempt in Europe. BusinessDay reported that in 2023 Flutterwave tried to buy Railsr, a distressed British banking-as-a-service platform, at a discounted valuation. The talks collapsed amid scrutiny from the United Kingdom’s Financial Conduct Authority, the report said. Railsr then sold its assets to a consortium of existing investors through a pre-pack administration.
The write-off comes as Flutterwave narrows its focus under chief executive Olugbenga Agboola, who has led a streamlining of operations over the past two years, BusinessDay reported. The company shut consumer-facing products including Barter and the creator platform Disha. It is concentrating on its Send App remittance product and its enterprise payments business.
The filings also show other holdings in the UK subsidiary’s name. Flutterwave UK holds a stake in South African payments start-up Ozow Proprietary Ltd and a 25 per cent stake in Cairo-headquartered payment gateway Paymob Technology Ltd, according to the report.
The newspaper did not report the value of the investment that was written off, and it said the central bank’s reasons had not been disclosed. The filings, as described by BusinessDay, give the nature of the event and a general statement on potential future financial impact, but the summary reviewed by Radarr Africa did not include a figure for the amount involved.
The report concerns the filings of the UK subsidiary, Flutterwave UK Limited. The two deals described, Railsr in 2023 and Netinfopay, both involved European regulators or central banks acting on proposed purchases. In the Railsr case the scrutiny came from the Financial Conduct Authority, and in the Netinfopay case the objection came from the Central Bank of Cyprus.
Neither Flutterwave nor the Central Bank of Cyprus is quoted in the BusinessDay report as reviewed by Radarr Africa. The report was written by Joseph Olaoluwa and carried in BusinessDay’s Technology section.
