Flutterwave has acquired Mono, a leading open banking infrastructure provider in Africa, to deepen its payments capabilities and accelerate the shift toward bank-based, authenticated, and data-driven payment methods across the continent. The acquisition positions open banking as a strategic pillar within Flutterwave’s ecosystem while allowing Mono to operate independently with its leadership and operations unchanged. By integrating Mono’s API-driven services for financial data access, identity verification, and account-to-account payments, Flutterwave aims to improve onboarding efficiency, reduce fraud, simplify compliance, and support the growth of alternative payment methods, with future potential for open banking-enabled stablecoin use cases.
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“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,” said Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave.
