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Flutterwave Acquires Mono to advance Africa’s financial infrastructure. Flutterwave, Africa’s leading payments technology company, has acquired Mono, a pioneer in open banking infrastructure across the continent. This strategic move deepens Flutterwave’s commitment to building a connected and interoperable financial system for Africa. It positions open banking as a core pillar in the evolution of alternative payment methods throughout the region.
Mono’s API-driven platform provides secure access to financial data, identity verification, and account-to-account payments. These capabilities are essential as African markets shift toward trusted, data led financial services. Following Flutterwave Acquires Mono, Mono will continue to operate independently. There will be no changes to its leadership structure, team, or day-to-day operations. Flutterwave’s stake focuses on strategic alignment rather than operational control. This approach allows Mono to sustain its innovation pace while integrating its open banking infrastructure into Flutterwave’s broader payments ecosystem.
The acquisition highlights a key trend in Africa’s payments landscape. Future growth will rely less on traditional card rails and more on bank-based, authenticated, and locally relevant payment methods. By incorporating Mono’s open banking APIs, Flutterwave enhances capabilities for faster onboarding, improved verification, reduced fraud, and seamless account-to-account payments. This collaboration opens pathways for richer alternative payment methods, authenticated flows, and potential open banking-enabled stablecoin applications in the future.
Businesses now gain access to infrastructure that simplifies compliance processes such as identity checks and bank verification. This improves conversion rates and reliability at scale. Developers and partners benefit from a unified environment where payments and financial data integrate smoothly. The result reduces complexity and speeds up time to market. The move strengthens Flutterwave’s vertical depth, creating long term value through improved margins, greater platform stickiness, and differentiated infrastructure. Regulatory stakeholders see benefits in increased standardization, stronger data protection, and alignment with global security standards including PCI-DSS and ISO 27001.
“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.” – Olugbenga ‘GB’ Agboola, Founder and CEO, Flutterwave
“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.” – Abdulhamid Hassan, Founder and CEO, Mono
At a time when Africa’s digital economy demands open by design infrastructure built on trust, this acquisition signals a deliberate step toward interoperable, data driven systems. These systems support sustainable growth across the continent. The transaction was advised by Nichole Yembra, Founder and Managing Partner at The Chrysalis Advisors Africa, who provided strategic guidance throughout the process.
