Flutterwave Nigerian banking license has been approved by the Central Bank of Nigeria (CBN), according to a tweet on X. This comes after the company disclosed it has processed more than $40 billion in payments across its platform, a milestone that highlighted the company’s growth since its establishment in 2016. This regulatory milestone follows Flutterwave’s acquisition of Mono, which strengthened the company’s financial connectivity infrastructure.
This license, will allow the pan-African fintech giant to operate banking services in Nigeria and join several Nigerian fintechs like OPay, Paystack, Moniepoint and PalmPay which hold their own banking licences. It will enable the company to hold funds and deposits directly, strengthening its financial infrastructure across its largest market and enabling more efficient financial services and settlement flows for consumers, businesses and enterprises.
By securing this banking license, Flutterwave gains greater control over how funds move within it’s platform and allows the company to capture more value from the transactions processed within the ecosystem.
According to the founder and Chief Executive Officer of Flutterwave, Olugbenga Agboola, “ This milestone allows us to make our infrastructure more efficient and deliver faster, more reliable financial services. By operating directly within the financial system, we can streamline money movement, accelerate settlement for merchants, and build products that support sustainable long-term growth .”
According to Flutterwave , the opportunity ahead is clear. To make settlement faster. To give businesses more control. To unlock new financial capabilities within a single platform. To build systems that reflect the ambition of the people who use them.
What Flutterwave Nigerian Banking License Unlocks
For SendApp Users:Over a million people using SendApp to send money across borders will now access: enhanced financial services, including personal account numbers and instant transfers, without switching apps. Everything they need for everyday banking will be provided in the app they already use.
For small businesses:Over 2 million businesses using Flutterwave to accept payments can now open business accounts, manage payouts, run payroll and mass disbursements and access multi-currency capabilities.
For large organisations:Through this licence, Flutterwave for Business will give enterprises the infrastructure to manage complex financial operations with precision : manage large scale payment collections, automate payouts across teams and vendors, handle treasury and liquidity across multiple accounts and integrate financial operations directly into internal systems via API.
For developers:Builders will be able to interact with the banking infrastructure directly through Flutterwave APIs, to create financial products on the same platform that powers millions of transactions every day. Instantly create bank accounts for customers at scale, issue virtual accounts, move money through APIs, and build new financial products on Flutterwave infrastructure.
Across all of these, Flutterwave is indeed going beyond moving money.
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