Flutterwave has acquired Mono, an African open banking and account-based payments firm.
Gatekeepers News reports that the fintech company in a statement on Monday, revealed that the move is aimed at strengthening its payment infrastructure across the continent.
According to Flutterwave, the deal is part of its long-term plan to build a more connected and interoperable financial system for African businesses.
The company said Mono’s open banking technology will play a key role as the region shifts toward bank-based and data-driven payment solutions.
Mono provides API-driven services that allow secure access to financial data, identity verification, and direct account-to-account payments.
Flutterwave said these services are becoming increasingly important as African financial markets demand stronger trust, reduced fraud, and faster onboarding for users and businesses.
Under the agreement, Mono will continue to operate independently, with no changes to its leadership or daily operations.
Flutterwave explained that the acquisition focuses on strategic alignment rather than control, allowing Mono to maintain innovation while supporting Flutterwave’s wider payments ecosystem.
The company said, “Flutterwave’s stake enables 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.”
Flutterwave added that the integration of Mono’s APIs will improve verification processes, enhance compliance, and support seamless bank-to-bank payments.
The company noted that the collaboration also positions it to expand into alternative payment methods and future open banking use cases across multiple African markets.
Commenting on the acquisition, Flutterwave founder and CEO Olugbenga Agboola said, “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.”
Mono’s founder and CEO, Abdulhamid Hassan, said the deal strengthens the company’s mission to scale open banking infrastructure across Africa.
He said, “We built Mono to unlock Africa’s Open Banking potential, and since our first partnership with Flutterwave in 2021 and working together over the years, we’ve seen the power of a coordinated effort towards this goal.”
The acquisition comes as Africa’s digital economy continues to grow, with fintech companies increasingly focusing on secure, standardised, and locally relevant infrastructure to support long-term expansion and cross-border payments.
