Flutterwave has announced that it has obtained a banking license from the Central Bank of Nigeria (CBN), positioning the fintech firm to operate as a full-fledged financial institution.
The development was disclosed on Thursday by the company’s Chief Executive Officer and Co-Founder, Olugbenga Agboola.
Agboola described the milestone as a defining moment in Flutterwave’s decade-long journey to build financial infrastructure across Africa.
According to him, the license will enable businesses to manage their entire financial operations seamlessly on the platform.
“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,” he wrote on X.
The announcement comes amid broader regulatory developments, as the CBN recently selected Flutterwave, Paystack, and other firms for the initial phase of its pilot supervision program for virtual asset service providers (VASPs).
Flutterwave has continued to expand its footprint in the financial services space. Earlier this year, the company acquired Nigerian open banking startup Mono in an all-stock deal valued at up to $40 million.
