Flutterwave Secures Approval to Operate Banking Services in Nigeria

Flutterwave has announced that it has secured a licence to operate banking services in Nigeria, marking a significant expansion of its financial services offerings.

The fintech company disclosed this in a post shared on its official X handle on Thursday.

The development signals Flutterwave’s growth from operating as a Virtual Asset Service Provider (VASP) to a company with core banking capabilities.

What the company is saying 

Flutterwave said the banking licence will enable it to deliver a broader range of financial services through its existing products.

• “With this banking licence in Nigeria, we are stepping into the core of the system. From enabling transactions to managing them end-to-end. From relying on external infrastructure to building with control over how money moves, settles, and is accessed.” 
• “Most importantly, we can now build with certainty… Control over our infrastructure, how products are designed and delivered, and the reliability and speed our users experience. Accounts. Payments. Payouts. Capital. All within one system. This is where everything connects.” 

The company noted that the licence will improve settlement speed, enhance user experience, and enable more seamless financial operations for businesses.

Get up to speed 

The development comes amid increased regulatory focus on fintechs and virtual asset operators in Nigeria.

The Central Bank of Nigeria recently launched a pilot programme targeting Virtual Asset Service Providers, including Flutterwave and Paystack.

The initiative focuses on Anti-Money Laundering (AML), Counter-Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) supervision.

It is part of broader efforts to strengthen oversight and improve the integrity of Nigeria’s financial system.

The programme aligns with key regulations, including the Money Laundering Act 2022 and BOFIA 2020.

The pilot is expected to deepen compliance standards and enhance risk management practices across participating fintech firms.

What you should know 

Flutterwave has continued to expand its capabilities through strategic acquisitions and product development.

• In January 2026, the company acquired Nigerian open banking startup Mono in an all-stock deal valued between 25 million dollars and 40 million dollars.
• The acquisition strengthens Flutterwave’s payments infrastructure with enhanced data, identity, and open banking capabilities.
• Mono will continue to operate independently, with no changes to its leadership or operations.
• The move highlights Flutterwave’s broader strategy to build an integrated financial ecosystem that supports businesses across Africa.