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In a surprising development for the African fintech giant Flutterwave, its Chief Financial Officer (CFO), Oneal Bhambani, has resigned, leaving the company in a state of uncertainty regarding its plans for an initial public offering (IPO). Bhambani, who joined Flutterwave just 18 months ago, announced his departure in a LinkedIn post, expressing gratitude for his time with the company and wishing them well in their future endeavors.

Bhambani's arrival at Flutterwave in May 2022 was seen as a move to stabilize the company, which had been grappling with allegations of financial improprieties and employee mistreatment. With an impressive background, having served as the CFO of American Express's small business lending arm, formerly known as Kabbage, he was expected to provide financial expertise to help Flutterwave navigate challenges, especially in Kenya, where it faced accusations of fraud while lacking the necessary licensing.

Notably, Bhambani's departure wasn't an isolated event. Two other finance executives from Kabbage, Rebecca Mendel and Oscar Lan, who had joined Flutterwave alongside him, also left the company in October, as per their LinkedIn profiles.

The timing of these high-level departures raises questions about Flutterwave's IPO plans. After overcoming legal issues in Kenya, the company has been on a trajectory of high growth, introducing new products and expanding its services. However, the lack of a clear timeline for its IPO, coupled with these resignations, adds an element of uncertainty to the company's future and its aspirations to go public.

Flutterwave, valued at $3 billion and backed by investors like Tiger Global, has experienced its most prominent executive departure since 2018, when its co-founder and CEO, Iyin Aboyeji, left the company. These recent developments have created ripples in the fintech industry and drawn attention to the challenges and changes the company is currently facing