Flutterwave Acquires Mono to Accelerate Open Banking Push Across Africa

Flutterwave, Africa’s leading payments technology company, has acquired Mono, a pioneer in open banking infrastructure. The move is designed to deepen Flutterwave’s account-to-account (A2A) payment capabilities and build a more connected financial ecosystem across the continent.

The transaction, announced on 5 January, positions open banking as a central pillar in Flutterwave’s strategy. By integrating Mono’s API-driven platform—which facilitates financial data access, identity verification, and direct bank payments—Flutterwave aims to support the region’s shift away from card rails toward bank-based and authenticated payment methods.

Independent operations

Under the terms of the deal, Mono will continue to operate as an independent entity. There will be no changes to its leadership structure, team, or day-to-day operations. Flutterwave stated that its stake allows for “strategic alignment rather than operational control,” enabling Mono to maintain its innovation pace while contributing infrastructure to the broader ecosystem.

The strategic rationale

The acquisition addresses the growing demand for trusted, data-led financial services in Africa. Integrating Mono’s technology is expected to streamline compliance-heavy processes for businesses, such as identity checks and bank verification, while improving transaction conversion rates and reducing fraud.

Olugbenga ‘GB’ Agboola, founder and CEO of Flutterwave, commented on the synergy: “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.”.

Beyond immediate operational improvements, the collaboration opens pathways for richer alternative payment methods. The companies notably highlighted the potential for “open banking-enabled stablecoin use cases” in the future.

Abdulhamid Hassan, founder and CEO of Mono, added: “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.”.

Founded in 2020, Mono connects to over 50 banks and reaches more than 8 million bank customers across Africa. The transaction was advised by The Chrysalis Advisors Africa.