Flutterwave has acquired Mono, a provider of open banking infrastructure.
The deal strengthens Flutterwave’s commitment to a connected and interoperable financial system in Africa and positions open banking as a key element in the region’s evolving payment methods.
Mono’s API-driven platform enables secure access to financial data, identity verification, and account-to-account payments.
These capabilities are increasingly important as African markets shift towards data-led financial services.
Under the acquisition terms, Mono will continue to operate independently, with no changes to its leadership, team, or day-to-day operations.
Flutterwave’s stake allows strategic alignment without taking operational control, enabling Mono to maintain its development pace while contributing to Flutterwave’s broader payments ecosystem.
The acquisition signals a move towards bank-based, authenticated, and locally relevant payment methods, complementing card-based systems.
By integrating Mono’s APIs, Flutterwave aims to support faster onboarding, improved verification, reduced fraud, and seamless account-to-account payments.
It also provides a foundation for alternative payment methods, authenticated payment flows, and potential open banking-enabled stablecoin applications.
The integration offers practical benefits: businesses can simplify compliance processes such as identity checks and bank verification, while improving reliability at scale.
Developers and partners gain a unified environment where payments and financial data coexist, reducing complexity and accelerating deployment.
The approach also reinforces regulatory compliance through adherence to global security standards, including PCI-DSS and ISO 27001.
Olugbenga ‘GB’ Agboola, Flutterwave’s Founder and CEO, said:
“This acquisition allows us to expand what’s possible for businesses across African markets while staying grounded in security, compliance, and local relevance.”
Abdulhamid Hassan, Mono’s Founder and CEO, added:
“Mono’s capabilities across financial data access, direct bank payments, and identity verification, combined with Flutterwave’s scale and reach, create a more comprehensive infrastructure layer for African fintech at the speed and scale the continent requires.”
Featured image credit: Edited by Fintech News Middle East, based on image by freepik
