Flutterwave, Africa’s leading payments technology company, has completed the acquisition of Mono, a pioneer in open banking infrastructure across the continent. The transaction underscores Flutterwave’s long-term commitment to building a connected, interoperable financial system for Africa and positions open banking as a central pillar in the evolution of alternative payment methods.
Mono’s API-driven platform enables secure access to financial data, identity verification, and account-to-account payments. These capabilities are becoming increasingly critical as African markets shift toward more trusted, data-led financial services. Under the terms of the acquisition, Mono will continue to operate independently, with no changes to its leadership, team, or day-to-day operations. Flutterwave’s stake represents strategic alignment rather than operational control, allowing Mono to maintain its pace of innovation while contributing its infrastructure to Flutterwave’s broader payments ecosystem.
The deal reflects a growing recognition that the next phase of Africa’s payments growth will be driven less by card rails and more by bank-based, authenticated, and locally relevant payment methods. By integrating Mono’s open banking APIs, Flutterwave strengthens its ability to support faster onboarding, improved verification, reduced fraud, and seamless account-to-account payments. The collaboration also creates a pathway for expanding into richer alternative payment flows, authenticated transactions, and, over time, open banking-enabled stablecoin use cases.
What Flutterwave’s Acquisition of Mono Means for Platform Users.
Beyond product expansion, the acquisition carries significant implications for businesses, developers, and regulators. Enterprises gain access to infrastructure that simplifies compliance-heavy processes such as identity checks and bank verification, while improving conversion and reliability at scale. Developers and partners benefit from a unified environment where payments and financial data coexist, reducing complexity and accelerating time to market. For regulators, the integration enhances standardization, strengthens data protection, and ensures adherence to global security frameworks, including PCI-DSS and ISO 27001.
“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 of Flutterwave
Abdulhamid Hassan, Founder and CEO of Mono, added: “We built Mono to unlock Africa’s Open Banking potential, and since our first partnership with Flutterwave in 2021, 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.”
The transaction was advised by Nichole Yembra, Founder and Managing Partner at The Chrysalis Advisors Africa, who supported the parties through strategic positioning and execution.
At a time when Africa’s digital economy is demanding infrastructure that is open by design and built for trust, Flutterwave’s acquisition of Mono signals a deliberate move toward systems that are interoperable, data-driven, and designed to support long-term growth across the continent. It is a landmark moment in Africa’s fintech evolution, where infrastructure, not just applications, becomes the competitive edge.
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