Flutterwave bags banking licence, reveals $40bn transactions processed so far

By Boye Oyeyemi

Flutterwave has obtained regulatory approval from the Central Bank of Nigeria to offer banking services, marking a major step in its expansion within the country’s financial sector.

The development comes as the fintech firm revealed it has processed over $40bn in transactions on its platform within a decade of operations.

The licence is expected to enable the Lagos-based company to extend its services beyond payment processing into a wider range of financial offerings.

Industry observers say the move reflects a broader trend in Nigeria’s fintech space, where operators are gradually evolving into full-service financial institutions.

In a related development, the Central Bank of Nigeria has selected Flutterwave and other fintech firms, including Paystack, for a pilot scheme on the regulation of virtual asset activities.

The initiative is aimed at improving oversight of digital financial services and ensuring compliance with anti-money laundering and counter-terrorism financing rules.

Regulators are expected to use the programme to test frameworks that could guide future policies on virtual asset supervision in the country.

Reacting to this feat, Flutterwave noted that its $40bn transaction milestone underscores the rapid growth of digital payments across Africa and its increasing adoption by businesses globally. The company, which recently marked its 10th anniversary, said its growth over the years highlights its rising influence in Africa’s fintech ecosystem and its role in driving financial innovation.