Flutterwave secures CBN approval for banking services

Flutterwave has secured regulatory approval from the Central Bank of Nigeria (CBN) to provide banking services in Nigeria.

The Founder and Chief Executive Officer of Flutterwave, Olugbenga Agboola, disclosed this in a statement issued on Friday in Abuja.

Agboola said the development followed the company’s processing of more than 40 billion dollars in payments across its platform within 10 years of operations.

He explained that the approval marked a significant milestone for the Lagos-based payments company, enabling it to expand beyond core payment infrastructure services into broader financial offerings.

“This milestone allows us to make our infrastructure more efficient and deliver faster, more reliable financial services.

“By operating directly within the financial system, we can streamline money movement, accelerate settlement for merchants, and build products that support sustainable long-term growth.

“Moreover, the development signals a growing shift in Nigeria’s financial technology sector, where leading fintech firms are increasingly moving closer to full-scale financial service operations.”

He further said the regulatory progress coincided with another initiative by the CBN involving the selection of several fintech firms, including Flutterwave and Paystack.

According to him, the initiative is designed to strengthen oversight of digital-asset service providers and ensure compliance with anti-money laundering and counter-terrorism financing standards as Nigeria’s digital finance ecosystem continues to evolve.

“Our platform has reflected the rapid expansion of digital payment adoption across Africa and among businesses that rely on the company’s infrastructure to receive and process transactions globally,” Agboola said.

He noted that the latest developments came only weeks after Flutterwave marked its 10th anniversary, a milestone that highlighted the company’s growth since its establishment in 2016.

He further explained that over the past decade, the fintech firm had expanded its payment network across numerous African markets.

He added that it had also built partnerships that allowed businesses to accept payments from customers around the world.

“What began as a payment gateway designed to simplify cross-border transactions has evolved into one of the continent’s most prominent financial technology platforms.

“Consequently, the combination of a banking licence, participation in the Central Bank’s virtual-asset pilot programme and a decade of operational growth underscores Flutterwave’s expanding role in Nigeria’s financial ecosystem.

“In addition, the company’s regulatory progress may further accelerate innovation in the country’s fintech landscape, particularly as regulators and financial technology firms seek to balance rapid digital growth,” he added.