Flutterwave, Africa’s leading payments technology company, has acquired Mono, a pioneer in open banking infrastructure across the continent. This acquisition further solidifies Flutterwave’s commitment to developing a connected and interoperable financial ecosystem that will drive the evolution of alternative payment methods in Africa.

Mono’s API-driven platform enables secure access to financial data, identity verification, and account-to-account payments, which are increasingly vital as African markets evolve towards more trusted, data-driven financial services.

Mono’s Continued Independence

Under the terms of the acquisition, Mono will continue to operate independently, with no changes to its leadership, team, or daily operations. While Flutterwave will hold a strategic stake in Mono, it will not exert operational control, allowing Mono to continue its innovative work while contributing its open banking infrastructure to Flutterwave’s broader payment ecosystem.

Open Banking to Drive Africa’s Payments Growth

This acquisition signals the recognition that the next stage of Africa’s payments growth will be propelled by bank-based, authenticated, and locally relevant payment methods, as opposed to traditional card-based systems. By integrating Mono’s open banking APIs, Flutterwave enhances its ability to facilitate:

• Faster onboarding
• Improved verification
• Reduced fraud
• Seamless account-to-account payments

The collaboration sets the stage for expanding alternative payment methods, authenticated payment flows, and even exploring open banking-enabled stablecoin use cases.

Unlocking Infrastructure for Businesses

The partnership not only strengthens Flutterwave’s payment capabilities but also simplifies compliance-heavy processes such as identity checks and bank verification for businesses. This simplification increases reliability, boosts conversion, and enables scale, while developers and partners benefit from an environment where payments and financial data coexist, reducing complexity and speeding up time to market.

Regulatory Benefits

For regulatory bodies, the integration enhances standardization, strengthens data protection, and ensures adherence to global security frameworks such as PCI-DSS and ISO 27001.

Quotes from Leadership

Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, expressed, “This acquisition reflects our vision for the future of financial infrastructure in Africa. Payments, data, and trust cannot exist in silos. Open banking serves as the glue, and Mono has developed critical infrastructure in this space. By joining forces, we can expand possibilities for businesses across Africa while maintaining a focus on security, compliance, and local relevance.”

Abdulhamid Hassan, Founder and CEO of Mono, said, “We built Mono to unlock Africa’s open banking potential. Through our collaboration with Flutterwave since 2021, we’ve seen the power of coordinated efforts. With Flutterwave’s unmatched scale and global reach, together, we can create a more comprehensive, defensible infrastructure to support the next generation of African fintech at speed and scale.”

A Future-Ready Investment

This acquisition is a deliberate move towards developing infrastructure that is interoperable, data-driven, and designed to foster long-term growth across Africa. With the continent’s digital economy demanding open and trusted systems, the partnership represents a strong foundation for future fintech development.

The transaction was advised by Nichole Yembra, Founder and Managing Partner at The Chrysalis Advisors Africa, who provided strategic guidance throughout the deal.Flutterwave, Africa’s leading payments technology company, has acquired Mono, a pioneer in open banking infrastructure across the continent. This acquisition further solidifies Flutterwave’s commitment to developing a connected and interoperable financial ecosystem that will drive the evolution of alternative payment methods in Africa.

Mono’s API-driven platform enables secure access to financial data, identity verification, and account-to-account payments, which are increasingly vital as African markets evolve towards more trusted, data-driven financial services.

Mono’s Continued Independence

Under the terms of the acquisition, Mono will continue to operate independently, with no changes to its leadership, team, or daily operations. While Flutterwave will hold a strategic stake in Mono, it will not exert operational control, allowing Mono to continue its innovative work while contributing its open banking infrastructure to Flutterwave’s broader payment ecosystem.

Open Banking to Drive Africa’s Payments Growth

This acquisition signals the recognition that the next stage of Africa’s payments growth will be propelled by bank-based, authenticated, and locally relevant payment methods, as opposed to traditional card-based systems. By integrating Mono’s open banking APIs, Flutterwave enhances its ability to facilitate:

• Faster onboarding
• Improved verification
• Reduced fraud
• Seamless account-to-account payments

The collaboration sets the stage for expanding alternative payment methods, authenticated payment flows, and even exploring open banking-enabled stablecoin use cases.

Unlocking Infrastructure for Businesses

The partnership not only strengthens Flutterwave’s payment capabilities but also simplifies compliance-heavy processes such as identity checks and bank verification for businesses. This simplification increases reliability, boosts conversion, and enables scale, while developers and partners benefit from an environment where payments and financial data coexist, reducing complexity and speeding up time to market.

Regulatory Benefits

For regulatory bodies, the integration enhances standardization, strengthens data protection, and ensures adherence to global security frameworks such as PCI-DSS and ISO 27001.

Quotes from Leadership

Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, expressed, “This acquisition reflects our vision for the future of financial infrastructure in Africa. Payments, data, and trust cannot exist in silos. Open banking serves as the glue, and Mono has developed critical infrastructure in this space. By joining forces, we can expand possibilities for businesses across Africa while maintaining a focus on security, compliance, and local relevance.”

Abdulhamid Hassan, Founder and CEO of Mono, said, “We built Mono to unlock Africa’s open banking potential. Through our collaboration with Flutterwave since 2021, we’ve seen the power of coordinated efforts. With Flutterwave’s unmatched scale and global reach, together, we can create a more comprehensive, defensible infrastructure to support the next generation of African fintech at speed and scale.”

A Future-Ready Investment

This acquisition is a deliberate move towards developing infrastructure that is interoperable, data-driven, and designed to foster long-term growth across Africa. With the continent’s digital economy demanding open and trusted systems, the partnership represents a strong foundation for future fintech development.

The transaction was advised by Nichole Yembra, Founder and Managing Partner at The Chrysalis Advisors Africa, who provided strategic guidance throughout the deal.