Regulation

Flutterwave secures Nigerian banking license

Flutterwave secures Nigerian banking license

African payments technology company Flutterwave has announced that it has secured a Nigerian banking license.

This license, it explains, enables the company to hold funds and deposits directly, strengthening its financial infrastructure across its largest market and permitting more efficient financial services and settlement flows for consumers, businesses and enterprises.

Flutterwave says it will continue to work closely with banking partners across the broader financial ecosystem. However, the license enables the company to internalise key elements of its financial value chain, improving operational efficiency and supporting faster product development.

This shift strengthens operational autonomy and allows Flutterwave to capture more value from the transactions processed within its ecosystem.

For over a decade Flutterwave says it has powered payments for millions of Nigerians and businesses across the world. With this license, the company explains, it is bringing that same infrastructure into a new generation of banking built for a number of areas including consumer financial services, notably seamless accounts, transfers, and payments for everyday users within the SendApp ecosystem, which enables users to send money internationally.

There will also be a focus on business financial tools, including accounts, payouts, payroll, and multi-currency capabilities; enterprise treasury infrastructure, including tools to manage complex financial operations, treasury, and liquidity; and digital platforms – embedded financial services for marketplaces and platform operators.

For developers there will be programmable financial infrastructure enabling the creation of financial products through APIs.

The banking license also enhances Flutterwave's core payments business. Over a million people using SendApp will now access enhanced financial services, including personal account numbers and instant transfers, without switching apps. In addition, over two million businesses can now open accounts, manage payouts, run payroll, and access multi-currency capabilities.

Flutterwave says it will also introduce data-driven financial services, including working capital financing and merchant lending powered by real transaction data, alongside treasury and savings products.



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