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 disclosed on Thursday in a statement by Flutterwave’s Chief Executive Officer and Co-Founder, Olugbenga Agboola, who described the milestone as a defining moment in the company’s 10-year journey.
According to Agboola, the license will enable businesses to run their entire financial operations seamlessly within Flutterwave’s ecosystem, signaling the company’s expansion beyond payments into broader banking services.
The move positions 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 firms for the initial phase of its pilot supervision programme for Virtual Asset Service Providers (VASPs), 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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