Flutterwave Secures CBN Banking Licence to Operate as Full Financial Institution

Lagos-based payments giant Flutterwave has secured a banking licence from the Central Bank of Nigeria, paving the way for it to offer full banking services including deposit-taking and lending.

The company announced the milestone on Thursday, describing it as a major leap in its push to control the entire financial value chain in its home market.

Chief Executive Officer and Co-Founder Olugbenga Agboola said the licence marks a defining moment in Flutterwave’s 10-year journey.

He added that businesses can now handle their complete financial operations seamlessly without depending on third-party banks for settlements.

“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,” Agboola wrote on X.

NaijaChoice News reports that the licence, understood to be a national microfinance banking licence, will allow Flutterwave to hold customer funds directly, issue loans and speed up payment processing across Nigeria.

The development follows the company’s acquisition of local open banking startup Mono in an all-stock deal worth up to $40 million earlier this year.

That move gave Flutterwave deeper access to account data and instant payment capabilities, strengthening its position ahead of the CBN licence.

Flutterwave had already been selected alongside Paystack and other players for the Central Bank’s pilot supervision programme for virtual asset service providers.

Analysts say the latest approval signals CBN’s growing openness to fintechs that meet strict regulatory standards, especially those with proven scale and local roots.

With over $40 billion in lifetime payments processed, the company now joins a small group of fintechs able to compete head-on with traditional banks on core services.

The licence is expected to boost efficiency for merchants, reduce costs and deepen financial inclusion for millions of Nigerian SMEs that rely on digital payments.

Flutterwave, founded in Lagos, has grown into one of Africa’s most valuable fintech unicorns and continues to expand across the continent while keeping Nigeria as its biggest market.

Industry watchers believe this step will accelerate innovation in open banking and position Nigerian fintechs to drive the next phase of the country’s digital economy.