Flutterwave has secured a Nigerian banking license, allowing it to hold customer funds and deposits directly.
The move strengthens its financial infrastructure in its largest market and enables more direct control over settlement and payment flows for consumers and businesses.
Payments companies have traditionally relied on partnerships with commercial banks to access national clearing systems.
This model, while common, can limit operational flexibility and require revenue sharing.
With the license, Flutterwave can manage parts of its financial value chain internally, which may improve efficiency and support faster product development.
Nigeria is one of Africa’s largest digital payments markets, with significant transaction volumes moving through electronic channels each year.
Operating within the regulated banking system allows Flutterwave to streamline settlement processes across its network of merchants and users.
“This milestone allows us to make our infrastructure more efficient and deliver faster, more reliable financial services,”
said Olugbenga Agboola, founder and Chief Executive of Flutterwave.
“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.”
The license enables Flutterwave to expand its services across its ecosystem.
Users of its SendApp platform will be able to access account numbers and transfers within the app, while businesses can open accounts, manage payouts and payroll, and use multi-currency tools.
The company also plans to introduce financial services such as working capital financing and merchant lending based on transaction data.
Flutterwave said it has processed more than US$40 billion in payments and over one billion transactions to date.
It continues to explore technologies such as stablecoin-based settlement to improve cross-border payments. The development follows its acquisition of Mono, which expanded its financial connectivity capabilities.
Featured image credit: Edited by Fintech News UAE, based on image by user9994517 via Freepik
