Flutterwave Gains Banking License in Nigeria Expansion

Flutterwave has announced that it has secured a license to operate banking services in Nigeria, which represents a significant expansion of its financial service offerings. This development was disclosed in a post shared on its official X account on Thursday.

The banking license will enable Flutterwave to deliver a broader range of financial services, enhancing its existing product offerings. The company noted that the license will improve settlement speed and enhance user experience, allowing for seamless financial operations.

This comes amid increasing regulatory focus on fintech and virtual asset operations in Nigeria, particularly following the Central Bank of Nigeria's recent launch of a pilot program targeting virtual asset service providers, including Flutterwave and Paystack. The initiative focuses on anti-money laundering (AML), counter-financing of terrorism (CFT), and counter-proliferation financing (CPF) as part of broader efforts to strengthen oversight and improve the integration of Nigeria's financial system.

The pilot program aligns with key regulations, including the Money Laundering Act 2022 and the BOFIA 2020, and is expected to deepen compliance standards and enhance risk management practices across participating fintech firms.