In a landmark move for the continent's financial technology sector, Flutterwave has announced the acquisition of Mono, a leading provider of open banking infrastructure. The transaction, finalized on 6 January 2026, marks a significant step in Flutterwave's strategy to create a more interconnected and interoperable payment ecosystem across Africa.
Strategic Acquisition for a Connected Financial Future
This acquisition is not a takeover but a strategic alignment. Under the agreed terms, Mono will continue to operate as an independent entity. Its leadership structure, team, and daily operations will remain unchanged. The deal is designed to combine Mono's technical expertise in open banking with Flutterwave's vast scale and market reach.
Mono's API-driven platform is a critical piece of modern financial infrastructure. It enables secure access to customer financial data, reliable identity verification, and seamless account-to-account payments. These capabilities are becoming essential as African economies shift towards more transparent and data-driven financial services.
Driving the Next Phase of Payments Innovation
The union of these two fintech leaders signals a clear industry trend. The future of African payments is increasingly seen as bank-based, authenticated, and tailored to local contexts, moving beyond traditional card networks. By integrating Mono's open banking APIs, Flutterwave enhances its own platform in several key areas:
- Faster customer onboarding for businesses.
- Improved verification processes and reduced fraud.
- Seamless account-to-account payment options.
- Paving the way for advanced solutions like open banking-enabled stablecoins.
The benefits extend widely. Businesses gain tools to simplify complex compliance tasks like identity checks. Developers get a unified environment to build products combining payments and financial data, speeding up innovation. The deal also promises stronger data protection standards and adherence to global security frameworks like PCI-DSS and ISO 27001.
Leadership Vision: Building Foundational Infrastructure
Olugbenga Agboola, Founder and CEO of Flutterwave, commented on the strategic thinking behind the acquisition. He stated that payments, data, and trust must be integrated, and open banking is the essential link. He praised Mono for building critical infrastructure in this space and emphasized that the move will expand possibilities for businesses across Africa while prioritizing security and local relevance.
Abdulhamid Hassan, Founder and CEO of Mono, highlighted the companies' existing partnership since 2021. He expressed that combining Mono's capabilities in financial data access and direct bank payments with Flutterwave's scale creates a more comprehensive and defensible offering. The ultimate goal is to build the infrastructure layer that will power the next generation of African fintech at the speed the continent requires.
The transaction was advised by Nichole Yembra, Founder and Managing Partner at The Chrysalis Advisors Africa. This acquisition arrives at a pivotal moment, as Africa's digital economy demands financial systems that are open, trusted, and built for sustainable, long-term growth.
