Flutterwave, Africa’s leading payments technology company, has acquired Mono, a pioneer in open banking infrastructure across the continent. The acquisition strengthens Flutterwave’s long-term commitment to building a connected and interoperable financial system for Africa. It also positions open banking as a core pillar in the evolution of alternative payment methods across the region.
Mono’s API-driven platform enables secure access to financial data, identity verification, and account-to-account payments. These capabilities are becoming increasingly important as African markets shift toward more trusted and data-driven financial services.
Under the terms of the deal, Mono will continue to operate independently, with no changes to its leadership, team, or daily operations. Flutterwave’s investment supports strategic alignment rather than operational control, allowing Mono to maintain its pace of innovation while contributing its open banking infrastructure to Flutterwave’s broader payments ecosystem.
The acquisition reflects a growing belief that the next phase of payments growth in Africa will rely less on card-based systems and more on bank-linked, authenticated, and locally relevant payment methods. By integrating Mono’s open banking APIs, Flutterwave enhances its ability to support faster merchant onboarding, stronger verification processes, reduced fraud, and seamless account-to-account payments. The collaboration also creates a pathway for expanding into richer alternative payment methods, authenticated payment flows, and, over time, open banking-enabled stablecoin use cases.
Beyond product expansion, the deal carries wider implications for the ecosystem. Businesses gain access to infrastructure that simplifies compliance-heavy processes such as identity verification and bank authentication, while improving reliability and conversion rates at scale. Developers and partners benefit from a unified environment where payments and financial data operate together, reducing complexity and speeding up time to market.
The integration also deepens Flutterwave’s platform, supporting long-term value creation through improved margins, stronger platform stickiness, and differentiated infrastructure. Regulators stand to benefit from increased standardization, enhanced data protection, and compliance with global security standards such as PCI-DSS and ISO 27001.
Commenting on the acquisition, Flutterwave’s Founder and CEO, Olugbenga “GB” Agboola, said the move reflects the company’s vision for the future of financial infrastructure in Africa. He noted that payments, data, and trust cannot operate in isolation and described open banking as the connective layer that brings them together.
According to him, Mono has built critical infrastructure in this space, and the acquisition expands what is possible for businesses operating across African markets while maintaining strong standards for security, compliance, and local relevance.
Also speaking on the deal, Mono’s Founder and CEO, Abdulhamid Hassan, said the company was built to unlock Africa’s open banking potential. He recalled Mono’s first partnership with Flutterwave in 2021 and said years of collaboration have shown the value of a coordinated approach.
He explained that combining Mono’s strengths in financial data access, direct bank payments, and identity verification with Flutterwave’s scale and global reach creates a more comprehensive and defensible infrastructure. He added that the acquisition positions Mono to help build the next generation of African fintech at the speed and scale the continent requires.
At a time when Africa’s digital economy is demanding infrastructure that is open by design and built on trust, the investment signals a clear shift toward interoperable, data-driven systems designed to support sustainable growth across the continent.
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.
