Flutterwave, an African payments technology company, has acquired Mono, an open banking infrastructure provider, as it moves to strengthen bank-based and account-to-account payments across the continent.
The deal deepens Flutterwave’s push beyond card payments toward open banking, a model that allows regulated access to financial data and enables direct bank transfers. Mono will continue to operate independently, retaining its leadership, team and day-to-day operations, according to the companies.
Mono provides API-driven services for financial data access, identity verification and direct bank payments. Flutterwave said the acquisition would allow closer integration of those capabilities into its payments platform, improving onboarding, verification and fraud prevention while supporting faster, locally relevant payment flows.
Financial terms of the transaction were not disclosed.
African fintech growth has increasingly shifted toward authenticated, bank-based payment methods as regulators and businesses seek more secure and interoperable systems. By incorporating Mono’s open banking infrastructure, Flutterwave aims to expand alternative payment methods and develop new use cases, including open banking-enabled digital asset and stablecoin payments over time.
“This acquisition reflects how we think about the future of financial infrastructure in Africa,” Flutterwave founder and chief executive Olugbenga ‘GB’ Agboola said. “Payments, data and trust cannot exist in silos.”
Mono founder and chief executive Abdulhamid Hassan said the deal builds on a partnership between the two companies that began in 2021. “Combining Mono’s open banking capabilities with Flutterwave’s scale creates more comprehensive infrastructure for the next generation of African fintech,” he said.
Flutterwave said the integration would also simplify compliance processes such as identity checks and bank verification for businesses, while offering developers a unified environment that combines payments and financial data. The company added that the move supports regulatory goals around standardisation and data protection, citing adherence to global security frameworks including PCI-DSS and ISO 27001.
The transaction was advised by The Chrysalis Advisors Africa.