Flutterwave has acquired Mono, an open banking infrastructure provider, in a move that strengthens its strategy to build a more connected and interoperable financial system across Africa.
The acquisition positions open banking as a core pillar of Flutterwave’s payments ecosystem, as African markets increasingly shift away from card based rails toward bank led, authenticated and locally relevant payment methods. Mono will continue to operate independently, with no changes to its leadership, team or day to day operations, while aligning strategically with Flutterwave.
Mono’s API driven platform enables secure access to financial data, identity verification and account to account payments, capabilities seen as critical for trusted and data led financial services. By integrating Mono’s infrastructure, Flutterwave aims to support faster onboarding, stronger verification, reduced fraud and seamless bank payments, while laying the groundwork for future alternative payment methods, including open banking enabled stablecoin use cases.
Commenting on the acquisition, Flutterwave Founder and Chief Executive Officer Olugbenga ‘GB’ Agboola said, “This acquisition reflects how we think about the future of financial infrastructure in Africa. Payments, data and trust cannot exist in silos. Open banking provides the connective tissue, and Mono has built critical infrastructure in this space.”
Mono Founder and Chief Executive Officer Abdulhamid Hassan said the deal builds on a partnership that began in 2021. “Mono’s capabilities across financial data access, direct bank payments and identity verification, combined with Flutterwave’s unmatched scale and global reach, create something more defensible and comprehensive,” he said.
Beyond product expansion, the integration is expected to simplify compliance heavy processes such as identity checks and bank verification for businesses, while offering developers a unified environment for payments and financial data. The transaction was advised by Nichole Yembra of The Chrysalis Advisors Africa.
The deal signals a broader industry shift toward interoperable, data driven and trust centred financial infrastructure to support Africa’s long term digital economy growth.