Flutterwave Secures Nigerian Banking License

Flutterwave, a leading payments technology company, has secured a banking license in Nigeria. This regulatory approval allows Flutterwave to directly hold funds and deposits, enhancing its financial infrastructure and operational autonomy in its largest market. The license enables Flutterwave to streamline money movement, accelerate settlement for merchants, and develop new financial products. This shift from a 'sponsorship' model with commercial banks allows Flutterwave to capture more value from transactions and improve efficiency. The company plans to introduce integrated financial solutions, including enhanced consumer services via SendApp, business tools for over two million businesses, enterprise treasury infrastructure, and data-driven financial services like working capital financing and merchant lending. This milestone follows Flutterwave's acquisition of Mono and is expected to further power Nigeria's growing digital economy.