Africa’s largest fintech company, Flutterwave, has taken a strategic equity position in Nigerian open banking firm Mono as it expands into bank-based and data-driven payment infrastructure.
The transaction, executed as an all-stock deal with undisclosed financial terms, reflects Flutterwave’s long-term infrastructure strategy rather than a short-term expansion play.
Under the agreement, Mono will continue to operate independently, retaining its leadership, team, and operational structure, while aligning its technology stack with Flutterwave’s broader payments ecosystem.
Mono, founded in 2020, provides API-led access to financial data, identity verification services, and account-to-account payment capabilities. These services are increasingly central to African fintech operations as businesses move away from card-dependent payment rails toward authenticated bank transfers that improve reliability, reduce fraud, and strengthen regulatory compliance.
Flutterwave said the integration of open banking infrastructure enhances its ability to support faster merchant onboarding, stronger verification processes, and more efficient payment flows across multiple jurisdictions.
The move also positions the company to scale alternative payment methods that are locally relevant and better aligned with the realities of African financial systems.
Commenting on the strategic direction, Flutterwave Founder and Chief Executive Officer Olugbenga ‘GB’ Agboola said the company views payments, financial data, and trust as inseparable components of modern financial infrastructure, noting that open banking provides the foundation required to connect these elements at scale.
From Mono’s perspective, the transaction formalises a relationship that has existed for several years. Founder and Chief Executive Officer Abdulhamid Hassan said the alignment allows Mono to extend its infrastructure reach while continuing to focus on building secure and compliant open banking systems for the continent.
Beyond product development, the deal carries broader implications for the fintech ecosystem. Businesses gain access to infrastructure that simplifies compliance-heavy processes such as identity checks and bank verification.
Developers benefit from a unified environment where payments and financial data coexist, reducing integration complexity and time to market.
Regulators also benefit from increased standardisation and stronger adherence to global security standards, including PCI-DSS and ISO 27001.
The acquisition underscores a growing consensus within Africa’s fintech sector that the next phase of payments growth will be driven by open, interoperable systems anchored on trusted financial data rather than traditional card networks.