Flutterwave Acquires Mono to Strengthen Africa’s Open Banking
Flutterwave, a leading African payments technology firm, announced on January 5 that it has acquired Mono, a pioneer in open banking infrastructure across the continent. This strategic move aims to strengthen the firm’s commitment to supporting a connected, interoperable financial system across Africa. The acquisition positions open banking as a central pillar in the evolution of alternative payment methods within the region, highlighting an increasing recognition of its growing importance.
Mono’s Role in Open Banking
Mono is an API-driven platform that provides secure access to identity verification, financial data, and account-to-account payments. These capabilities are critical in African markets as they shift toward more trusted, data-led financial services. By leveraging Mono’s technology, Flutterwave can address key challenges such as faster onboarding, improved verification, and reduced fraud, which are essential for the continent’s financial growth.
Under the acquisition terms, Mono will operate independently, with no changes to its team, leadership, or daily operations. Flutterwave’s stake ensures strategic alignment rather than operational control, allowing Mono to maintain its innovation pace and contribute its infrastructure to Flutterwave’s ecosystem. This structure preserves Mono’s agility while integrating its solutions into Flutterwave’s broader network.
The Future of Payments in Africa
Flutterwave’s statement highlights that Africa’s payments growth will increasingly rely on bank-based, authenticated, and locally relevant methods rather than traditional card systems. By integrating Mono’s open banking APIs, Flutterwave aims to enhance onboarding, verification, fraud reduction, and seamless account-to-account payments. This shift aligns with the continent’s need for secure, efficient, and inclusive financial solutions.
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Leadership Perspectives
Flutterwave’s founder and CEO, Olugbenga ‘GB’ Agboola, emphasized that the acquisition reflects the company’s vision for Africa’s financial infrastructure. “Payments, data, and trust cannot exist in silos. Open banking provides the connective tissue, and Mono has built critical infrastructure in this space,” Agboola said. He further noted that this move expands possibilities for businesses operating across African markets while ensuring security, compliance, and local relevance.
Mono’s CEO and founder, Abdulhamid Hassan, noted that the acquisition combines Mono’s capabilities with Flutterwave’s scale and reach. “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,” he added. Hassan also highlighted that since their first partnership with Flutterwave in 2021, they have witnessed the power of coordinated efforts in unlocking Africa’s open banking potential. Mono’s focus on financial data access, direct bank payments, and identity verification, coupled with Flutterwave’s global reach, creates a more robust and complete solution for the continent.
Ali is a professional journalist with experience in Web3 journalism and marketing. Holding a Master’s degree in Finance, Ali’s work has been published on leading cryptocurrency publications such as Capital.com, CryptoSlate, Securities.io, Invezz.com, Business2Community, and BeinCrypto.
