The acquisition brings together two of the continent’s most influential fintech infrastructure players. Flutterwave, Africa’s leading payments technology company, says the move strengthens its long-term ambition to build a more connected and interoperable financial system, with open banking positioned as a core pillar of its future growth.

Mono, which pioneered open banking infrastructure in Nigeria and has expanded across the continent, provides API driven access to financial data, identity verification, and account-to-account payments.

These capabilities are increasingly seen as critical as African markets push for more trusted, data-led financial services beyond traditional card payments.

Under the terms of the deal, Mono will continue to operate as an independent product, with no changes to its leadership, team, or day-to-day operations.

Flutterwave’s stake is designed to enable strategic alignment rather than operational control, allowing Mono to maintain its pace of innovation while contributing its technology to Flutterwave’s wider payments ecosystem.

Commenting on the acquisition, Flutterwave founder and chief executive Olugbenga Agboola said the deal reflects a broader view of how Africa’s financial infrastructure must evolve.

“Payments, data, and trust cannot exist in silos. Open banking provides the connective tissue, and Mono has built critical infrastructure in this space,” he said, adding that the acquisition expands what is possible for businesses operating across African markets while remaining grounded in security and compliance.

For Flutterwave, integrating Mono’s open banking APIs results in faster onboarding, improved verification, reduced fraud, and seamless account-to-account payments.

The company also sees longer-term opportunities in alternative payment methods and in open banking-enabled stablecoin use cases, as demand grows for locally relevant, authenticated payment flows.

Source: Africabusinessinsider