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Flutterwave, Africa’s leading payments technology company, announced yesterday, January 5, that it has acquired Mono, a leader in open banking infrastructure across the continent.
According to advertisementThis deal will deepen Flutterwave’s long-term commitment to building a connected, interoperable financial system for Africa and position open banking as a key pillar in the evolution of alternative payment methods in the region.
Mono is an API-based platform that provides secure access to identity verification, financial data, and account-to-account payments. These are capabilities that are critical in African markets as they move toward more reliable, data-driven financial services.
The evolution of payments across Africa
Flutterwave said in its announcement that under the terms of the acquisition, Mono will continue to operate independently, and there will be no changes to the company’s team, leadership structure or day-to-day operations.
Flutterwave’s stake allows for strategic alignment rather than operational control, meaning Mono can maintain the pace of innovation and contribute its open banking infrastructure to Flutterwave’s payments ecosystem.
“The acquisition reflects a growing realization that the next phase of payments growth in Africa will be driven less by card rails and more by bank-based, authenticated, and locally relevant payment methods. By integrating Mono’s open banking APIs, Flutterwave enhances its ability to support faster onboarding, improved verification, reduced fraud, and seamless account-to-account payments,” the company’s statement read.
Furthermore, the collaboration will create a path for expansion into richer alternative payment methods, authenticated payment flows and, in time, use cases for open banking-backed stablecoins.
Commenting on the acquisition, Flutterwave Founder and CEO, Olugbenga ‘GB’ Agboola, said the acquisition reflects how the company thinks about the future of financial infrastructure in Africa.
“Payments, data and trust cannot exist in silos. Open banking provides the connective tissue, and Mono has built important infrastructure in this space. This acquisition allows us to expand what is possible for businesses operating across African markets, while remaining grounded in security, compliance and local relevance,” Agboola added.
Meanwhile, Abdul Hamid Hassan, CEO and Founder of Mono, noted that he and his team built Mono to unlock the potential of open banking in Africa, and since their first partnership with Flutterwave in 2021, and working together over the years, they have seen the power of a coordinated effort in their mission to achieve this goal.
“Mono’s capabilities in financial data access, direct banking payments, and identity verification, combined with Flutterwave’s unparalleled scale and global reach, creates something even more comprehensive and defensible. This acquisition allows us to build the infrastructure layer that supports the next generation of African fintech at the speed and scale the continent deserves,” he added.
