Flutterwave Secures Nigerian Banking Licence to Hold Deposits and Lend Directly
Flutterwave has won a national microfinance banking licence in Nigeria. It can now accept customer deposits and offer loans without relying on partner banks. Since its founding in 2016, Flutterwave has processed over $40 billion in payments across more than 35 African countries. Until now, all licensing, account numbers and settlement infrastructure belonged to partner banks while Flutterwave acted as the engine. The licence—gained through its acquisition of an open banking startup—allows Flutterwave to issue its own cards, create account numbers and settle transactions on its own rails. It also paves the way to relaunch business lending under Flutterwave Capital and expand Send App into a full banking product. This move marks a turning point for African fintech firms. Led by CEO Olugbenga Agboola, Flutterwave aims to evolve from a payments gateway into a full-service digital bank for businesses and consumers.
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