Flutterwave, one of Africa’s leading fintech companies, has secured a banking licence from the Central Bank of Nigeria (CBN), paving the way for the firm to broaden its offerings beyond payments and provide comprehensive financial services to businesses on the continent.
The approval, announced by Flutterwave on Thursday, March 26, 2026, marks a significant milestone in the company’s 10-year journey and strengthens its position as a key player in building modern financial infrastructure for Africa.
Founder and Chief Executive Officer Olugbenga Agboola described the licence as a defining moment. “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,” he said.
Agboola explained that the company started with the vision of solving fragmented payment systems where transactions often failed and settlement was slow. “We focused on connecting what was fragmented,” he added.
With the new licence and its recent acquisition of Mono earlier this year, Flutterwave aims to create a unified platform where businesses can open accounts, accept and send payments, manage payouts, run payroll, and operate across multiple currencies — all in one place. The company also plans to offer lending and working capital solutions powered by real transaction data.
“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,” Agboola stated.
The development reflects the growing convergence between fintech companies and traditional banking as demand for seamless, integrated digital financial services continues to rise across Africa. Flutterwave, which has processed over $40 billion in transactions in the past decade, is positioning itself to serve businesses more comprehensively by combining payment infrastructure with full banking capabilities.
The licence is expected to enable Flutterwave to deepen its footprint in Nigeria and expand its financial solutions to more markets on the continent, supporting businesses with greater efficiency, speed, and access to capital.
This move comes at a time when Nigeria’s financial sector is undergoing significant transformation through regulatory reforms and increased digital adoption, with fintech firms playing an increasingly important role in driving innovation and financial inclusion.
