Tech Giant, Flutterwave Acquires Mono to Strengthen Open Banking in Africa
Flutterwave acquires Mono to strengthen open banking in Africa, marking a major step in the evolution of digital payments across the continent. The acquisition reflects the company’s long-term commitment to building a connected and interoperable financial ecosystem that supports alternative payment methods and trusted data-driven financial services.
Mono is widely known for its API-driven platform that enables secure access to financial data, identity verification, and direct account-to-account payments. With Flutterwave’s acquisition of Mono to strengthen open banking in Africa, these capabilities are expected to play a central role as African markets continue to move towards more reliable and authenticated payment solutions.
Under the terms of the deal, Mono will continue to operate independently with no changes to its leadership, team, or daily operations. Flutterwave’s involvement allows for strategic alignment rather than direct operational control, ensuring that innovation remains at the core of Mono’s growth while supporting Flutterwave’s wider payments ecosystem.
Industry analysts believe that Flutterwave acquires Mono to strengthen open banking in Africa at a time when the continent’s payments growth is shifting from card-based rails to bank-led and locally relevant payment systems. This move positions Flutterwave to lead the next phase of fintech development across African markets.
By integrating Mono’s open banking APIs, Flutterwave will enhance onboarding processes, improve identity verification, and reduce fraud while enabling seamless account-to-account payments. The partnership also opens new opportunities for richer alternative payment methods and future stablecoin use cases powered by open banking technology.
Businesses are expected to benefit from simplified compliance processes, including identity checks and bank verification, while enjoying improved conversion and reliability. Developers and partners will also gain access to a unified environment that combines payments and financial data, helping to reduce complexity and speed up product launches.
The acquisition further strengthens Flutterwave’s platform depth by improving margins, increasing platform stickiness, and creating differentiated infrastructure. Regulatory stakeholders also benefit from improved standardization, stronger data protection, and adherence to global security frameworks such as PCI DSS and ISO 27001.
Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, said, “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.”
Abdulhamid Hassan, founder and CEO of Mono, also commented on the deal. “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.”
At a time when Africa’s digital economy demands open and trusted infrastructure, Flutterwave acquires Mono to strengthen open banking in Africa as a clear signal of its commitment to building interoperable and data-driven systems that will support long-term growth across the continent. The transaction was advised by Nichole Yembra, founder and managing partner at The Chrysalis Advisors Africa.
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