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Flutterwave has announced that it has received a banking license from the Central Bank of Nigeria, CBN, to operate as a full-fledged financial institution.
This was disclosed in a statement on Thursday by Flutterwave’s Chief Executive Officer and Co-Founder, Olugbenga Agboola.
He described the feat was a defining moment in the firm’s 10-year journey.
He noted that with the development, businesses can now run their entire financial operations seamlessly.
“Today, @theflutterwave announces a Nigerian banking license. It is a defining step in our 10-year journey to build the financial infrastructure powering Africa’s future,” he wrote on X.
The Central Bank of Nigeria had selected Flutterwave, Paystack and other firms as the initial phase of the pilot supervision program for virtual asset service providers (VASPs).
Recall that earlier this year, Flutterwave acquired Nigerian open banking startup Mono in an all-stock transaction worth up to $40 million.
Flutterwave announces banking license, to rival Nigerian banks
