Flutterwave Secures Nigerian Banking License for Growth

Flutterwave, a leading African payment technology company, announced on October 25, 2023, that it has secured a banking license in Nigeria. This license allows Flutterwave to hold funds and deposit directly, significantly strengthening its financial infrastructure in its largest market.

The founder and CEO, Olugbenga Agboola, stated that this milestone will enable the company to streamline money movement and accelerate settlement for merchants, ultimately supporting long-term growth. The banking license enhances Flutterwave's core payment business, allowing for optimized settlement flows and efficient fund management within its ecosystem.

It also enables the company to work closely with banking partners and improve operational efficiency. Flutterwave aims to capture the value of transaction processes and enhance financial services for millions of Nigerian businesses.

The company processes 40 billion payments and has facilitated 1 billion unique transactions, continuing to explore new technologies to improve global payment efficiency.