Flutterwave Buys Open Banking Firm Mono to Deepen Africa Payments Infrastructure

New updates have been reported about Flutterwave.

Flutterwave has acquired Mono, a leading African open banking infrastructure provider, in a deal that makes open banking a core component of Flutterwave’s payments strategy across the continent. Mono’s API-based platform provides secure access to financial data, identity verification, and account-to-account payment capabilities, which Flutterwave plans to embed into its existing payments stack to support faster onboarding, more robust verification, reduced fraud, and bank-based payment alternatives to cards. Mono will continue to operate independently with its current leadership, signaling that Flutterwave’s stake is aimed at strategic alignment rather than day-to-day control, allowing Mono to maintain its innovation pace while enhancing the breadth and defensibility of Flutterwave’s infrastructure.

Strategically, this move positions Flutterwave to capture the next phase of Africa’s payments growth, which is expected to shift toward authenticated, bank-powered and locally relevant payment methods, and over time, potentially open banking-enabled stablecoin and other alternative payment use cases. For corporate customers and SMEs using Flutterwave, the integration is designed to simplify compliance-heavy workflows such as KYC, identity checks, and bank verification, while improving conversion and reliability at scale through unified access to payments and financial data. The company expects the combined platform to drive higher margins and stronger customer stickiness by offering deeper vertical capabilities and differentiated infrastructure, while giving developers a single environment to build data-driven financial services across multiple African markets. Flutterwave CEO Olugbenga “GB” Agboola framed the acquisition as central to building trusted, interoperable financial rails for Africa, while Mono CEO Abdulhamid Hassan highlighted the ability to scale open banking infrastructure more rapidly by pairing Mono’s technology with Flutterwave’s reach. The transaction also aligns Flutterwave more closely with regulators’ expectations on data protection and security, reinforcing adherence to global standards such as PCI-DSS and ISO 27001 and signaling support for an interoperable, open-by-design digital financial ecosystem across Africa.