The Central Bank of Nigeria (CBN) has granted Flutterwave a banking licence, enabling the fintech company to extend its services beyond payments and offer broader financial solutions to businesses across Africa.
The approval marks a significant regulatory milestone for the firm, allowing it to provide banking tools, manage funds, and support business operations on a unified platform.
Flutterwave Founder and Chief Executive Officer, Olugbenga Agboola, described the development as a defining moment in the company’s 10-year journey to build Africa’s financial infrastructure.
He said the licence reflects the company’s long-standing mission to solve inefficiencies in cross-border payments and financial connectivity across the continent.
According to him, Flutterwave has processed over $40 billion in transactions over the past decade, highlighting its rapid growth and expanding influence in the fintech sector.
Agboola noted that the new approval will enable the company to offer services such as account opening, payments processing, payroll management, multi-currency operations, and access to working capital powered by transaction data.
He added that the acquisition of Mono earlier in the year strengthened Flutterwave’s infrastructure and deepened its ability to serve businesses seamlessly across markets.
The company said the development will allow it to innovate faster and deliver end-to-end financial services, as fintech firms continue to converge with traditional banking systems in Africa’s evolving digital economy.
