Flutterwave has acquired Mono, an open banking infrastructure provider focused on African markets, as the payments company moves to deepen bank-based and authenticated payment capabilities across the continent. The deal positions open banking as a core part of Flutterwave’s strategy to support alternative payment methods beyond traditional card rails, with an emphasis on verified, locally relevant payment flows and stronger trust layers for merchants and financial partners.
Mono’s API-driven platform provides access to financial data, identity verification, and account-to-account (A2A) payments—capabilities Flutterwave says are becoming increasingly crucial as African financial services evolve toward more data-led, compliance-focused models. Under the acquisition, Mono will continue to operate independently, with no changes to its leadership, team, or day-to-day operations, and Flutterwave describes the stake as enabling strategic alignment rather than operational control.
By integrating Mono’s open banking APIs, Flutterwave expects to improve onboarding and verification workflows, reduce fraud, and support more seamless direct bank payments for businesses operating across multiple African markets. The companies also framed the combination as a pathway to expand into richer, authenticated payment methods and, over time, to open bank-enabled, stablecoin use cases tied to bank-based rails.
Beyond product capabilities, Flutterwave emphasized that the transaction is intended to simplify compliance-heavy processes such as identity checks and bank verification for businesses, while offering developers and partners a more unified environment where payments and financial data can be accessed together. Flutterwave also highlighted the potential for increased standardization and strengthened data protection practices, pointing to adherence to global security frameworks, including PCI-DSS and ISO 27001.
Support: The transaction was advised by Nichole Yembra, founder and managing partner at The Chrysalis Advisors Africa.
KEY QUOTES:
“This acquisition reflects how we think about the future of financial infrastructure in Africa. 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.”
Olugbenga ‘GB’ Agboola, Founder and CEO, Flutterwave
“We built Mono to unlock Africa’s Open Banking potential, and since our first partnership with Flutterwave in 2021 and working together over the years, we’ve seen the power of a coordinated effort towards this goal. 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.”
Abdulhamid Hassan, Founder and CEO, Mono
