Lagos, 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 beyond its previous operations as a Virtual Asset Service Provider.
Okay News reports that the fintech company disclosed this in a post shared on its official X handle on Thursday. The banking licence will enable the company to deliver a broader range of financial services through its existing products, improving settlement speed and user experience.
Flutterwave stated that with this licence, it is stepping into the core of the system, from enabling transactions to managing them end-to-end. The company can now build with control over infrastructure, product design, and delivery, offering accounts, payments, payouts, and capital within one system.
The development comes amid increased regulatory focus on fintechs in Nigeria. The Central Bank of Nigeria recently launched a pilot programme targeting Virtual Asset Service Providers, including Flutterwave and Paystack, focusing on anti-money laundering and counter-financing of terrorism supervision.
In January 2026, Flutterwave acquired Nigerian open banking startup Mono in an all-stock deal valued between $25 million and $40 million (approximately N39 billion to N62.5 billion). The acquisition strengthens Flutterwave’s payments infrastructure with enhanced data, identity, and open banking capabilities.
This banking licence approval represents a strategic move for Flutterwave to build an integrated financial ecosystem supporting businesses across Africa. It also signals growing regulatory confidence in the fintech sector’s ability to manage core banking functions.
