Flutterwave Acquires Mono to Expand Open Banking in Africa
Flutterwave, the leading payments technology firm in Africa, announced on January 5 that it has acquired Mono, a pioneer in open banking infrastructure across the continent. The deal is expected to deepen Flutterwave’s long-term commitment to building a connected, interoperable financial system for the region and position open banking as a core pillar in the evolution of alternative payment methods. Mono operates as an API-driven platform that provides secure access to identity verification, financial data, and account-to-account payments. These capabilities are critical as African markets move toward more trusted, data-led financial services.
Mono Will Continue to Operate Independently
Under the terms of the acquisition, Mono will continue to operate independently, and there will be no changes to the firm’s team, leadership structure, or everyday operations. Flutterwave’s stake allows for strategic alignment rather than operational control, which means that Mono can maintain its pace of innovation and contribute its open banking infrastructure to Flutterwave’s payments ecosystem. This structure suggests a deliberate choice to integrate capabilities without disrupting established workflows.
Flutterwave stated that the acquisition reflects a growing recognition that the next phase of Africa’s payments growth will be driven less by card rails and more by bank-based, authenticated, and locally relevant payment methods. By integrating Mono’s open banking APIs, Flutterwave strengthens its ability to support faster onboarding, improved verification, reduced fraud, and seamless account-to-account payments. The collaboration will create a path for expanding into richer alternative payment methods, authenticated payment flows, and, in time, open banking-enabled stablecoin use cases.
Leadership Weighs In
Flutterwave’s founder and CEO, Olugbenga ‘GB’ Agboola, said that the acquisition reflects how the company thinks about the future of financial infrastructure in Africa. “Payments, data, and trust cannot exist in silos. Open banking provides the connective tissue, and Mono has built critical infrastructure in this space. This acquisition allows us to expand what’s possible for businesses operating across African markets, while staying grounded in security, compliance, and local relevance,” Agboola added.
Mono’s CEO and founder, Abdulhamid Hassan, noted that he and his team built Mono to unlock Africa’s Open Banking potential. Since their first partnership with Flutterwave in 2021, they have seen the power of a coordinated effort in their mission to achieve this goal. “Mono’s capabilities across financial data access, direct bank payments, and identity verification, combined with Flutterwave’s unmatched scale and global reach, create something more robust. This acquisition allows us to build the infrastructure layer that powers the next generation of African fintech at the speed and scale the continent deserves,” Hassan added.
They will focus on building a more secure and connected financial system.
As journalists on the scene reported, the acquisition is a significant step forward for Flutterwave and Mono. The deal is expected to have a major impact on the future of financial services in Africa. According to the filing, the acquisition will allow Flutterwave to expand its services and improve its offerings. The company will continue to operate independently, with no changes to its team or leadership structure.
The outlet noted that the acquisition reflects a growing recognition of the importance of open banking in Africa. Flutterwave’s acquisition of Mono is a strategic move to strengthen its position in the market. The company’s founder and CEO, Olugbenga ‘GB’ Agboola, stated that the acquisition is a key part of the company’s strategy to expand its services and improve its offerings. The acquisition will allow Flutterwave to support faster onboarding, improved verification, and reduced fraud.
Flutterwave’s payments ecosystem will benefit from Mono’s open banking infrastructure. The collaboration will create a path for expanding into richer alternative payment methods. The company’s ability to support authenticated payment flows and open banking-enabled stablecoin use cases will be improved. As a result, Flutterwave will be able to provide more secure and efficient financial services to its customers.
Olugbenga ‘GB’ Agboola stated that payments, data, and trust cannot exist in silos. Open banking provides the connective tissue, and Mono has built critical infrastructure in this space. The acquisition allows Flutterwave to expand what’s possible for businesses operating across African markets. The company will stay grounded in security, compliance, and local relevance.
Abdulhamid Hassan noted that Mono’s capabilities across financial data access, direct bank payments, and identity verification, combined with Flutterwave’s unmatched scale and global reach, create something more robust. The acquisition allows them to build the infrastructure layer that powers the next generation of African fintech at the speed and scale the continent deserves. They will continue to work together to achieve their mission.
Mono’s open banking APIs will be integrated into Flutterwave’s payments ecosystem. The collaboration will create a more secure and connected financial system. The company’s ability to support faster onboarding, improved verification, and reduced fraud will be improved. As a result, Flutterwave will be able to provide more efficient financial services to its customers.
Flutterwave is considering an initial public offering for its T-Head AI unit. The company’s founder and CEO, Olugbenga ‘GB’ Agboola, stated that the acquisition of Mono is a key part of the company’s strategy to expand its services and improve its offerings.
