Flutterwave has secured a banking licence in Nigeria, an approval that will allow the Africa-focused payments technology company to operate as a microlender in the country.
In a statement, Flutterwave said that the licence will enable the company to hold funds and deposits directly.
It added the approval strengthens its financial infrastructure in its largest market, supporting “more efficient financial services and settlement flows” for consumers, businesses and enterprises.
Flutterwave founder and CEO Olugbenga Agboola said: “This milestone allows us to make our infrastructure more efficient and deliver faster, more reliable financial services.
“By operating directly within the financial system, we can streamline money movement, accelerate settlement for merchants, and build products that support sustainable long-term growth.”
The company already holds licences in Nigeria for payment services and cross-border money transfers.
Flutterwave said it will continue to work with banking partners across the wider financial ecosystem. However, the banking licence allows the company to internalise key parts of its financial value chain, which it said can improve operational efficiency and support faster product development.
The banking licence also increases operational autonomy and enables it to retain more value from transactions processed on its platform.
The licence will also support an expanded set of banking capabilities across consumer services, business tools, enterprise treasury infrastructure, embedded finance for digital platforms and developer-focused programmable financial infrastructure delivered through APIs.
For its consumer product SendApp, more than one million users will be able to access enhanced financial services, including personal account numbers and instant transfers, without switching apps.
For Flutterwave for Business, the company said more than two million businesses will be able to open accounts, manage payouts, run payroll and access multi-currency capabilities.
Additionally, Flutterwave plans to introduce data-driven financial services, including working capital financing and merchant lending based on real transaction data, alongside treasury and savings products.
According to the company, Flutterwave has processed more than $40bn in payments and enabled more than one billion unique transactions.
The company continues to explore new technologies, including stablecoin-enabled settlement, to improve global payment efficiency and connect African businesses to the global economy.
Earlier this year, Flutterwave acquired Mono, an open banking and financial data infrastructure provider in Africa.