Flutterwave has acquired Mono, an African open banking and account-based payments company, in a move aimed at strengthening its core payments infrastructure and accelerating the shift towards data-driven, bank-based transactions across the continent. While the financial terms of the deal were not disclosed, the acquisition marks a significant strategic bet on open banking as a foundation for Africa’s next phase of fintech growth.
In a statement, Flutterwave said the acquisition deepens its commitment to building an interoperable financial system for Africa. Mono’s technology enables secure access to bank account data, identity verification and account-to-account payments through application programming interfaces (APIs), capabilities that are increasingly central to modern financial services. Mono will continue to operate independently, retaining its leadership team and day-to-day operations, even as its infrastructure is integrated into Flutterwave’s broader ecosystem.
Founded in 2019, Mono has positioned itself as a key enabler of open banking in Nigeria and other African markets, providing financial institutions, fintechs and developers with tools to access user-consented financial data. These services underpin a wide range of products, from lending and personal finance management to fraud detection and credit scoring. For Flutterwave, which has built one of Africa’s largest payment platforms, the acquisition enhances its ability to offer more sophisticated, data-driven services beyond card and wallet-based payments.
The deal reflects a broader shift within Africa’s fintech sector towards account-to-account payments and deeper integration with the formal banking system. As regulatory scrutiny around card networks increases and transaction costs remain a concern for merchants, bank-based payments are increasingly seen as a more efficient and scalable alternative. By embedding Mono’s open banking capabilities, Flutterwave is positioning itself to support this transition while improving risk management, compliance and product customisation.
The acquisition also comes at a moment of improving sentiment around Nigeria’s financial ecosystem, despite ongoing macroeconomic adjustments. On Monday, 5 January 2026, Nigeria’s equities market capitalisation crossed the ₦100 trillion mark for the first time, following a 1.74% rally in the NGX All-Share Index to 159,215.48 points. The milestone underscores renewed investor interest in Nigerian assets after a volatile period marked by currency reforms, inflationary pressures and subsidy removals.
This market rally coincided with the implementation of new tax laws that took effect from 1 January, part of a broader set of structural reforms aimed at improving fiscal sustainability and broadening government revenue. While the reforms have introduced uncertainty for businesses and investors, the equity market’s performance suggests cautious optimism that policy adjustments may, over time, create a more predictable and transparent operating environment.
Against this backdrop, Flutterwave’s acquisition of Mono can be read as a vote of confidence in the long-term fundamentals of Nigeria’s fintech and financial services sector. Fintechs have been among the most resilient segments of the economy, attracting capital and innovation even as other sectors struggle with high input costs and weak consumer purchasing power. By investing in infrastructure rather than short-term growth, Flutterwave appears to be aligning itself with a more sustainable growth model.
The economic implications extend beyond the two companies involved. Open banking infrastructure has the potential to improve financial inclusion by enabling better credit assessment for individuals and small businesses that are currently underserved by traditional banks. More efficient account-to-account payments can also reduce transaction costs for merchants, improve cash flow and support the formalisation of economic activity, which is critical for tax collection and economic planning.
However, challenges remain. The success of open banking in Nigeria and across Africa will depend on robust data protection frameworks, consumer trust and regulatory clarity. Recent regulatory interventions in the fintech space have highlighted the tension between innovation and oversight, underscoring the need for coordinated policies that support growth while safeguarding financial stability.
Still, the convergence of a major fintech acquisition and a historic milestone in Nigeria’s capital markets points to a financial ecosystem in transition. As investors digest the implications of new tax laws and ongoing reforms, deals like Flutterwave’s acquisition of Mono suggest that leading players are positioning themselves for a future in which data, interoperability and infrastructure, not just scale, define competitiveness in Africa’s digital economy.
