- Flutterwave Secures CBN Banking Licence, Expands Financial Services
- Company processed over $40 billion transactions in decade
- Move strengthens fintech push into full banking solutions
Flutterwave has received a banking licence from the Central Bank of Nigeria, allowing the fintech firm to expand beyond payments and offer broader financial services to businesses across Africa.
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EKO HOT BLOG reports that the development follows the company’s disclosure that it has processed over $40 billion in transactions in the past decade, highlighting its rapid growth in the digital payments space.
The approval enables businesses to access banking tools, manage funds, and scale operations through a single integrated platform.
Founder and Chief Executive Officer, Olugbenga Agboola, announced the milestone in a statement on Thursday, describing it as a defining moment in the company’s evolution.
“Today, Flutterwave announces a Nigerian banking license. It is a defining step in our 10-year journey to build the financial infrastructure powering Africa’s future.
“A decade ago, we started with a simple belief: better infrastructure changes everything. Payments failed too often, settlement was slow, and expanding meant rebuilding from scratch. So we focused on connecting what was fragmented,” he said.
Founded in 2016, Flutterwave began as a payment infrastructure provider simplifying cross-border transactions and has since expanded across multiple African markets.
Agboola noted that recent strategic moves, including the acquisition of Mono, have strengthened the company’s ecosystem.
“With the acquisition of Mono earlier this year, we deepened that connectivity. Now we are going further by building a unified platform where businesses can open accounts, accept and send payments, manage payouts, run payroll, and operate across currencies in one place, with access to lending and working capital powered by real transaction data,” he said.
“We can now build, innovate and solve customer problems faster than before because we now control the value chain of payments in Nigeria. Our destiny is now in our hands,” he added.
The development underscores a growing convergence between fintech firms and traditional banking, as demand for integrated digital financial solutions continues to rise.
