Flutterwave has announced plans to expand into core banking operations in Nigeria following the acquisition of a new licence, marking a major step in its evolution from a payments-focused fintech into a broader financial services provider.
The company disclosed the development in a statement yesterday, noting that the licence enables it to move beyond facilitating transactions to managing financial services end-to-end.
“With this banking licence in Nigeria, we are stepping into the core of the system—from enabling transactions to managing them end-to-end,” the company said, highlighting a shift toward greater control over how money moves, settles, and is accessed.
Flutterwave added that the development will allow it to build and deliver financial products with more certainty, improve reliability and speed, and provide integrated services including accounts, payments, payouts, and access to capital—all within a single ecosystem.
The move signals a significant transition for the fintech firm, which previously operated under multiple licences, including payment processing and switching approvals granted by the Central Bank of Nigeria. These licences enabled the company to process transactions, connect financial institutions, and offer agency banking and payment gateway services without intermediaries.
Founded in 2016, Flutterwave has grown into one of Africa’s leading fintech companies, providing payment infrastructure across more than 30 countries and processing billions of dollars in transactions annually.
Its expansion into banking services represents a deepening of its role within Nigeria’s financial ecosystem.
The development also comes at a time of increased regulatory scrutiny of fintech firms and virtual asset operators in Nigeria. The Central Bank has recently intensified oversight through pilot programmes focused on Anti-Money Laundering (AML), Counter-Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF), aimed at strengthening compliance and safeguarding the financial system.
These measures align with existing regulations such as the Money Laundering Act 2022 and the Banks and Other Financial Institutions Act (BOFIA) 2020, reflecting broader efforts to improve transparency, risk management, and accountability across the financial sector.
Flutterwave noted that the new banking capability will improve settlement efficiency, enhance user experience, and support seamless financial operations for businesses, particularly as demand for integrated digital financial services continues to grow.