Flutterwave has officially secured a banking license from the Central Bank of Nigeria, marking a significant shift in its role within the country’s financial ecosystem.
The announcement was made on Thursday by the company’s Chief Executive Officer and Co-Founder, Olugbenga Agboola. He characterized the achievement as a major milestone, highlighting how far the company has come since its inception a decade ago.
With this development, Flutterwave is now positioned to offer more comprehensive financial services, enabling businesses to manage their operations more efficiently within a single 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.
In a related move, the Central Bank of Nigeria had earlier included Flutterwave, alongside Paystack and other firms, in the first phase of its pilot supervision program for virtual asset service providers (VASPs).
This latest development follows another strategic expansion earlier in the year, when Flutterwave completed the acquisition of Nigerian open banking startup Mono in an all-stock deal valued at up to $40 million.
