Flutterwave, Africa’s payments technology company, has acquired Mono, a Nigerian open banking infrastructure provider, marking a notable exit in the continent’s fintech sector. Mono’s API-driven platform enables secure access to financial data, identity verification, and account-to-account payments. Under the acquisition, Mono will continue to operate independently, retaining its leadership and daily operations while contributing its technology to Flutterwave’s broader payments ecosystem.
Commenting on the deal, Flutterwave CEO Olugbenga ‘GB’ Agboola said, “Open banking provides the connective tissue, and Mono has built critical infrastructure in this space. This acquisition allows us to expand what’s possible for businesses operating across African markets, while staying grounded in security, compliance, and local relevance.”
The acquisition is expected to accelerate Africa’s adoption of bank-based and authenticated payment methods, supporting faster onboarding, improved verification, reduced fraud, and seamless transactions. It also provides businesses and developers with infrastructure that simplifies compliance processes and enhances reliability at scale. Mono CEO Abdulhamid Hassan said that combining Mono’s capabilities in “financial data access, direct bank payments, and identity verification” with Flutterwave’s scale and reach creates a stronger and more comprehensive platform.
