Nigeria’s fintech giant Flutterwave is now officially stepping into full banking, promising faster, smoother financial services for businesses and consumers.
Abuja-based Flutterwave has secured Central Bank of Nigeria (CBN) approval to provide banking services in Nigeria, CEO Olugbenga Agboola announced on Friday. The move comes after the company processed over $40 billion in payments in its first 10 years of operation.
Agboola described the approval as a “major milestone” that allows Flutterwave to expand beyond payments into broader financial services, streamline money movement, and accelerate settlements for merchants. He added that it reflects the fintech sector’s growing shift toward full-scale banking operations.
The development also coincides with the CBN’s efforts to strengthen oversight of digital-asset providers, including Flutterwave and Paystack, ensuring compliance with anti-money laundering and counter-terrorism financing standards.
Since its 2016 launch, Flutterwave has built partnerships across Africa and globally, enabling businesses to accept payments from customers worldwide. Agboola said the new banking licence, along with participation in the CBN’s virtual-asset pilot programme, positions Flutterwave as a key player in Nigeria’s evolving fintech ecosystem.
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