Nigerian fintech giant Flutterwave has obtained a microfinance bank license from the Central Bank of Nigeria, allowing it to operate as a full-fledged financial institution and compete directly with traditional banks.
The company’s Chief Executive Officer and Co-Founder, Olugbenga Agboola, announced the development in a statement on Thursday, describing it as a defining moment in the firm’s 10-year 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.”
The license enables Flutterwave to hold funds and deposits directly, positioning the $3 billion unicorn to compete head-on with established mobile money operators like OPay and Moniepoint. Businesses can now run their entire financial operations seamlessly, including opening accounts, processing payroll, executing cross-border payouts, and accessing working capital without relying on third-party banking intermediaries.
The move follows Flutterwave’s acquisition of Nigerian open-banking startup Mono in January 2026 in an all-stock transaction worth up to $40 million. The integration of Mono’s data and payment APIs paved the way for the company’s broader banking strategy.
Flutterwave currently operates in 34 African countries with over 700 employees, serving approximately 26,000 businesses. The company reached $95.3 million in revenue in 2024 and processed close to $1 billion in Africa-Asia transactions in the first half of 2025.
The Central Bank of Nigeria had earlier selected Flutterwave, Paystack, and other firms for the initial phase of a pilot supervision program for virtual asset service providers.
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.”
