Flutterwave Gets Banking License, Expands Into Full Financial Sector…

Flutterwave has announced that it has received a banking license from the Central Bank of Nigeria, paving the way for the fintech giant to operate as a full-fledged financial institution.

The development was made known on Thursday in a statement by Flutterwave CEO and co-founder, Olugbenga Agboola, who described this milestone as a defining moment in the company’s decade-long journey.

According to Agboola, the license will allow businesses to manage all their financial operations seamlessly within the Flutterwave ecosystem, signaling the company’s expansion beyond payments into broader banking services.

The move allows Flutterwave to compete more directly with traditional Nigerian banks, further blurring the lines between fintech platforms and conventional financial institutions.

In a related development, the Central Bank of Nigeria had earlier selected Flutterwave, Paystack and other companies for the initial phase of its pilot oversight program for virtual asset service providers (VASP), highlighting the regulator’s growing engagement with digital finance players.

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The announcement comes months after Flutterwave acquired Nigerian open banking startup Mono in an all-stock deal.

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