Flutterwave has obtained a banking licence from the Central Bank of Nigeria (CBN), marking a significant transition from a payments-focused company to a broader financial services provider.
The approval enables the fintech firm to offer a wider range of banking solutions, allowing businesses to access financial tools, manage funds, and scale operations within a unified platform.
The development follows Flutterwave’s disclosure that it has processed over $40 billion in transactions over the past decade, underscoring its rapid growth and influence in Africa’s digital payments ecosystem.
Founder and Chief Executive Officer, Olugbenga Agboola, described the licence as a defining milestone in the company’s 10-year journey.
“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,” Agboola said in a statement released Thursday.
He noted that the company was founded on the belief that improved financial infrastructure could transform business operations across the continent, particularly by addressing persistent challenges such as failed payments, slow settlements, and fragmented systems.
Founded in 2016, Flutterwave initially focused on simplifying cross-border payments but has since expanded into multiple African markets. The new banking licence builds on recent strategic developments, including its acquisition of Mono, which strengthened its data and connectivity capabilities.
Agboola explained that the company is now positioned to deliver an integrated financial ecosystem where businesses can open accounts, process payments, manage payroll, handle multi-currency transactions, and access lending and working capital — all within a single platform.
“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 move highlights a broader trend of convergence between fintech companies and traditional banks, as demand grows for seamless, end-to-end digital financial services across Africa.
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