Flutterwave has obtained a Nigerian banking license, allowing the fintech firm to hold customer deposits directly and reduce reliance on partner banks, as it seeks to improve payment efficiency in one of Africa’s largest digital economies.
The license enables Flutterwave to connect more directly to Nigeria’s clearing and settlement systems, shifting away from the traditional “sponsorship” model where fintechs depend on commercial banks to process transactions and share fees.
Chief Executive Olugbenga Agboola said the move would help the company accelerate settlements and expand its financial services offering. “By operating directly within the financial system, we can streamline money movement, accelerate settlement for merchants, and build products that support long-term growth,” he said.
Flutterwave, which has processed more than $40 billion in payments and over 1 billion transactions to date, will now be able to offer accounts, transfers and treasury services across its platform. The company said more than 1 million users of its remittance product SendApp and over 2 million businesses on its platform stand to benefit from enhanced financial tools.
Nigeria handles trillions of naira in digital payments annually, making it a key market for fintech expansion. By internalising parts of its value chain, Flutterwave aims to capture a larger share of transaction revenues while improving speed and reliability.
The company said it plans to roll out additional services including merchant lending, working capital financing and savings products powered by transaction data, alongside exploring stablecoin-based settlement to boost cross-border efficiency.
The milestone follows Flutterwave’s recent acquisition of fintech infrastructure firm Mono and comes as the company marks a decade in operation in 2026.
Flutterwave operates in 34 African countries and counts global and regional clients such as Uber, Air Peace and PiggyVest.