Nigerian fintech company Flutterwave has announced that it has secured a banking license from the Central Bank of Nigeria (CBN), clearing the way for it to operate as a full-service financial institution in the country.
The update was shared by the company’s CEO and co-founder, Olugbenga Agboola, who described the approval as a major milestone in Flutterwave’s 10-year journey. He noted that the achievement reflects the company’s long-term vision of building strong financial infrastructure to support businesses across Africa.
With the new license, Flutterwave is expected to expand beyond payments into a wider range of financial services. This means businesses on its platform can manage transactions, accounts, and other financial activities more efficiently without relying on multiple providers.
The development also comes as the Central Bank of Nigeria continues to strengthen its oversight of fintech and digital financial services. Flutterwave had previously been selected alongside Paystack and other companies to participate in the regulator’s pilot supervision programme for Virtual Asset Service Providers (VASPs), signaling trust in its operations and compliance standards.
In addition, Flutterwave has been making strategic moves to deepen its capabilities. Earlier this year, the company acquired Nigerian open banking startup Mono in a deal reportedly worth up to $40 million, a move aimed at improving financial data access and connectivity.
This latest milestone positions Flutterwave for its next phase of growth, as it continues evolving into a more comprehensive financial platform while playing a key role in shaping the future of digital finance in Africa.
