Flutterwave Inc., one of Africa’s leading payments technology companies, has secured a banking licence in Nigeria, marking a significant step in its evolution from a payments processor to a more fully integrated financial services provider.
The company said the approval allows it to hold customer funds and deposits directly, strengthening its infrastructure in its largest market and enabling smoother delivery of financial services to individuals, businesses and enterprises.
Fintech companies have historically depended on partnerships with commercial banks to access national payment infrastructure, a model that often slows product development and requires revenue sharing. With the new licence, Flutterwave can internalise key aspects of its payment value chain, enabling faster settlements and more streamlined financial services for users.
The development gives the company greater oversight of fund movement within its platform, allowing it to improve transaction speed and service reliability. Despite this shift, Flutterwave said it will continue to collaborate with banks across the broader financial ecosystem.
Nigeria remains one of Africa’s most dynamic digital payments markets, supported by rising adoption of electronic transactions. Flutterwave’s expanded role within the regulated system is expected to support more seamless transaction flows across its growing user base.
The company noted that the licence will enhance its existing products. Its remittance platform, SendApp, which serves over one million users, will now offer additional features such as personal account numbers and instant transfers without requiring users to switch platforms.
Flutterwave also plans to roll out data-driven financial tools, including working capital financing and merchant lending solutions, as well as treasury and savings products tailored to business needs.
Speaking on the development, Olugbenga Agboola, founder and chief executive officer of Flutterwave, said the licence would improve how the company delivers its services.
“This milestone allows us to make our infrastructure more efficient and deliver faster, more reliable financial services. By operating directly within the financial system, we can streamline money movement, accelerate settlement for merchants, and build products that support sustainable long-term growth,” he said.
Flutterwave added that its platform is built on strong compliance and security standards, including PCI DSS Level 1 certification, SOC 1 and SOC 2 compliance, and enterprise-grade fraud protection systems.
The company, which has processed over $40 billion in payments globally and facilitated more than one billion transactions, underscores its scale across Africa’s digital economy.
The banking licence comes amid ongoing expansion efforts. In January 2026, the company acquired Nigerian open banking startup Mono in an all-stock deal valued between $25 million and $40 million, further deepening its capabilities in financial data integration.
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