Business News
Flutterwave bags CBN banking licence, set to challenge Nigerian banks
Flutterwave has announced that it has obtained a banking licence from the Central Bank of Nigeria (CBN), clearing the way for the company to operate as a full-fledged financial institution.
The development was disclosed in a statement released on Thursday by the company’s Chief Executive Officer and Co-Founder, Olugbenga Agboola.
Agboola described the approval as a defining moment in Flutterwave’s 10-year journey, marking a major step in its evolution from a payments platform to a broader financial services provider.
According to him, the licence positions the company to deepen its offerings and expand its role within Nigeria’s financial ecosystem.
He noted that with the development, businesses can now run their entire financial operations seamlessly.
“Today, @theflutterwave announces a Nigerian banking license. It is a defining step in our 10-year journey to build the financial infrastructure powering Africa’s future,” he wrote on X.
The Central Bank of Nigeria had selected Flutterwave, Paystack and other firms as the initial phase of the pilot supervision program for virtual asset service providers (VASPs).
Recall that earlier this year, Flutterwave acquired Nigerian open banking startup Mono in an all-stock transaction worth up to $40 million.
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