Flutterwave and Mono have entered into an acquisition that underscores the growing strategic importance of open banking within Africa’s rapidly evolving FinTech ecosystem.
The acquisition is aimed at deepening Flutterwave’s payments infrastructure by embedding open banking capabilities more tightly into its platform. While the value of the deal was not disclosed, the transaction is positioned as a strategic investment rather than a full operational takeover. Under the terms of the acquisition, Mono will continue to operate independently, with no changes to its leadership team, organisational structure, or day-to-day operations, allowing Flutterwave to align strategically without disrupting Mono’s pace of innovation.
Flutterwave provides a payments infrastructure that enables businesses to accept, process, and manage payments across multiple African markets and internationally. Its platform supports merchants with card payments, bank transfers, and alternative payment methods, helping companies navigate fragmented financial systems and expand across borders. The company has focused on building scalable, locally relevant infrastructure that supports growth for businesses operating in complex regulatory and operational environments.
Mono, meanwhile, specialises in open banking infrastructure, offering APIs that enable secure access to financial data, identity verification services, and account-to-account payments. Its technology allows developers and financial institutions to connect directly to bank data and payment rails, supporting data-led decision-making, streamlined onboarding, and authenticated payment flows. These capabilities are increasingly central as African markets shift toward bank-based and trust-driven financial services.
Beyond product expansion, the acquisition carries broader implications for businesses, developers, and regulators. Merchants gain access to infrastructure that simplifies compliance-heavy processes such as bank verification and identity checks, while improving reliability and conversion rates. Developers benefit from a more unified environment where payments and financial data coexist, reducing integration complexity and accelerating time to market. From a regulatory perspective, the integration supports greater standardisation, stronger data protection, and alignment with global security frameworks, including PCI-DSS and ISO 27001.
The deal also reflects a wider industry trend away from card-centric payment rails toward locally relevant, authenticated, and account-to-account payment methods. By integrating Mono’s APIs, Flutterwave is positioning open banking as a core pillar of its long-term strategy, with potential future applications spanning richer alternative payment methods and open banking-enabled stablecoin use cases.
Commenting on the acquisition, Flutterwave CEO 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. This acquisition allows us to expand what’s possible for businesses operating across African markets, while staying grounded in security, compliance, and local relevance.”
Adding to this, Mono CEO Abdulhamid Hassan said, “We built Mono to unlock Africa’s Open Banking potential, and since our first partnership with Flutterwave in 2021 and working together over the years, we’ve seen the power of a coordinated effort towards this goal. 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. This acquisition allows us to build the infrastructure layer that powers the next generation of African fintech at the speed and scale the continent deserves.”
The transaction was advised by Nichole Yembra, founder and managing partner at The Chrysalis Advisors Africa, who supported both parties on strategic positioning and execution.
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