Nigerian fintech giant Flutterwave has secured a microfinance bank licence from the Central Bank of Nigeria, a move that authorises it to function as a fully-fledged financial institution and places it in direct competition with conventional banks.
The development was announced on Thursday by the company’s Chief Executive Officer and Co-Founder, Olugbenga Agboola, who described the milestone as a defining moment in the firm’s decade-long journey.
“A decade ago, we started with a simple belief: better infrastructure changes everything,” Agboola said. “We can now build, innovate, and solve customer problems faster… our destiny is now in our hands.”
With the new licence, Flutterwave is now permitted to hold customer funds and deposits directly, strengthening its position as a $3 billion unicorn ready to compete head-on with established mobile money operators such as OPay and Moniepoint. The approval enables businesses to carry out end-to-end financial operations on the platform, including opening accounts, processing payroll, executing cross-border payments, and accessing working capital without depending on third-party banking intermediaries. This expansion signals a strategic shift toward deeper financial service integration within its ecosystem.
The latest development follows Flutterwave’s acquisition of Nigerian open-banking startup Mono in January 2026 through an all-stock deal valued at up to $40 million. The integration of Mono’s data and payment APIs is seen as a critical enabler of Flutterwave’s broader ambition to evolve into a comprehensive banking platform, providing the infrastructure needed to support its expanded offerings.
Flutterwave currently operates across 34 African countries and employs more than 700 staff, serving about 26,000 businesses. The company recorded $95.3 million in revenue in 2024 and processed nearly $1 billion in Africa-Asia transactions in the first half of 2025, underscoring its growing influence in cross-border payments and digital financial services on the continent.
Earlier, the Central Bank of Nigeria had selected Flutterwave alongside Paystack and other firms for the first phase of a pilot supervision programme targeting virtual asset service providers, reflecting increased regulatory engagement with fintech operators in the country. Reinforcing the significance of the new licence, Agboola wrote on X: “Today, @theflutterwave announces a Nigerian banking license. It is a defining step in our 10-year journey to build the financial infrastructure powering Africa’s future.”
