Flutterwave, a Nigerian-founded fintech and one of Africa’s largest payments technology companies, has acquired Mono, a firm known for developing open banking infrastructure across the continent, in a move that signals a deeper shift in how digital payments in Africa are evolving.
The deal strengthens Flutterwave’s push beyond traditional card-based payments and places open banking at the centre of its long-term strategy. Mono provides API-driven tools that allow businesses to securely access financial data, verify identities, and enable direct bank-to-bank payments. These functions are becoming increasingly crucial as African financial systems mature.
Under the terms of the transaction, Mono will continue to operate as an independent company. Its leadership team, staff, and day-to-day operations will remain unchanged, allowing the company to continue developing its products while aligning strategically with Flutterwave’s broader payments network.
The acquisition reflects a wider trend across African fintech, where growth is increasingly being driven by locally relevant payment systems rather than imported card rails. Bank-based payments, authenticated transactions, and open data frameworks are gaining traction as regulators, businesses, and consumers seek more secure and efficient alternatives.
By bringing Mono’s open banking infrastructure into its ecosystem, Flutterwave expands its ability to support faster onboarding for businesses, improve verification processes, reduce fraud, and offer seamless account-to-account payments. Over time, this integration could also support more advanced use cases, including authenticated payment flows and open banking-enabled digital assets.
Beyond product development, the deal has wider implications for businesses operating across African markets. Access to verified financial data can simplify compliance-heavy processes such as identity checks and bank account validation, while improving transaction success rates. Developers benefit from working within a more unified environment where payments and financial data are closely linked, reducing complexity and shortening development cycles.
For regulators, the move supports greater standardisation and stronger data protection, with both companies operating within recognised global security frameworks such as PCI-DSS and ISO 27001.
Flutterwave founder and chief executive Olugbenga ‘GB’ Agboola said the acquisition reflects how the company views the future of financial infrastructure on the continent.
“Payments, data, and trust cannot operate in isolation,” he said. “Open banking provides the connections needed to build systems that work across borders and markets. Mono has built important infrastructure in this space, and this move expands what businesses can do while remaining grounded in security and local relevance.”
Mono founder and chief executive Abdulhamid Hassan said the partnership builds on a relationship that began several years ago.
“We set out to unlock Africa’s open banking potential,” he said. “Working with Flutterwave over time has shown what is possible when scale and infrastructure come together. This allows us to build the foundational layer that supports the next phase of African fintech.”
The transaction was advised by The Chrysalis Advisors Africa, which supported both parties on strategy and execution.
As Africa’s digital economy continues to grow, the acquisition highlights a broader shift toward financial systems designed around openness, trust, and interoperability, a direction that many industry observers see as critical to long-term, inclusive growth on the continent.
