Flutterwave, Africa’s premier payments technology company, has acquired Mono, a leading open banking infrastructure provider on the continent. This acquisition underscores Flutterwave’s sustained commitment to creating an interconnected, interoperable financial ecosystem across Africa and establishes open banking as a fundamental component in the region’s evolving alternative payment landscape.
Mono’s API-powered platform provides secure financial data access, identity verification, and direct bank-to-bank payment capabilities—features that are becoming essential as African markets transition toward more reliable, data-driven financial services. Following the acquisition, Mono will maintain its independent operations, preserving its existing leadership, team structure, and daily functions. Flutterwave’s investment facilitates strategic coordination without operational oversight, enabling Mono to sustain its innovation momentum while contributing its open banking technology to Flutterwave’s comprehensive payments infrastructure.
This acquisition acknowledges an important shift: Africa’s next wave of payment innovation will increasingly rely on bank-based, authenticated, and locally adapted payment methods rather than traditional card networks. Through Mono’s open banking APIs, Flutterwave enhances its capacity to deliver accelerated customer onboarding, superior verification processes, reduced fraud exposure, and streamlined direct payment transfers. The partnership also establishes groundwork for expanding into advanced alternative payment solutions, authenticated transaction flows, and eventually open banking-powered stablecoin applications.
The impact extends far beyond product enhancement. Businesses gain infrastructure that streamlines compliance-intensive procedures like identity verification and bank authentication while boosting conversion rates and operational reliability. Developers and partners access a consolidated platform where payments and financial data integrate seamlessly, minimizing complexity and shortening deployment timelines. The combination strengthens Flutterwave’s operational depth, driving sustainable value through improved margins, enhanced platform engagement, and distinctive infrastructure capabilities. Regulatory authorities benefit from greater standardization, reinforced data security, and compliance with international frameworks including PCI-DSS and ISO 27001.
Commenting on the acquisition, Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, stated, “This acquisition embodies our vision for Africa’s financial infrastructure. Payments, data, and trust must be interconnected, not isolated. Open banking creates those connections, and Mono has developed essential infrastructure in this domain. This move enables us to broaden what businesses can achieve across African markets while maintaining our focus on security, compliance, and local context.”
Abdulhamid Hassan, Founder and CEO of Mono, added, “We created Mono to realize Africa’s open banking promise. Since our initial collaboration with Flutterwave in 2021, we’ve witnessed what coordinated efforts can accomplish. Combining Mono’s strengths in financial data access, direct bank payments, and identity verification with Flutterwave’s exceptional scale and international presence creates something more robust and complete. This acquisition positions us to develop the foundational infrastructure that will drive Africa’s next fintech generation at the pace and magnitude the continent requires.”
As Africa’s digital economy increasingly demands transparent, trust-based infrastructure, this investment represents a strategic shift toward systems that prioritize interoperability, data intelligence, and sustainable continental growth.
Nichole Yembra, Founder and Managing Partner at The Chrysalis Advisors Africa, served as advisor on the transaction, guiding both parties through strategic planning and execution.



