Flutterwave Buys Mono to Expand African Open Banking

Flutterwave, a leading payments technology company in Africa, has acquired Mono, a provider of open banking infrastructure. The acquisition aims to enhance Flutterwave’s account-to-account (A2A) payment capabilities and foster a more interconnected financial ecosystem throughout the continent. The announcement was made on January 5.

The move establishes open banking as a key component of Flutterwave’s strategic direction. By incorporating Mono’s API-driven platform, which facilitates financial data access, identity verification, and direct bank payments, Flutterwave intends to support the shift away from traditional card payments toward bank-based and authenticated payment methods in the region.

Independent Operations

Mono will continue to operate as an independent entity following the acquisition. Its leadership structure, team, and day-to-day operations will remain unchanged. Flutterwave indicated that its investment allows for strategic alignment without operational control, enabling Mono to maintain its innovation pace while contributing infrastructure to the broader ecosystem.

Strategic Rationale

The acquisition responds to the increasing demand for reliable, data-driven financial services in Africa. Integrating Mono’s technology is anticipated to simplify compliance processes for businesses, including identity checks and bank verification, while also improving transaction conversion rates and reducing instances of fraud.

Olugbenga ‘GB’ Agboola, founder and CEO of Flutterwave, emphasized the interconnectedness of payments, data, and trust, noting that open banking provides the necessary connection. He stated that the acquisition will expand possibilities for businesses operating in African markets, while prioritizing security, compliance, and local relevance.

The collaboration also creates opportunities for the development of alternative payment methods, with both companies highlighting the potential for open banking-enabled stablecoin use cases.

Abdulhamid Hassan, founder and CEO of Mono, stated that the combination of Mono’s capabilities with Flutterwave’s scale and global reach creates a more robust and comprehensive offering. He added that the acquisition will enable the construction of the infrastructure layer needed to power the next generation of African fintech at the required speed and scale.

Mono, founded in 2020, connects to over 50 banks and serves more than 8 million bank customers across Africa. The Chrysalis Advisors Africa advised on the transaction.