Flutterwave Announces Banking License, To Rival Nigerian Banks - Business

Flutterwave Announces Banking License, To Rival Nigerian Banks - Business - Nairaland

Nairaland Forum › Nairaland General › Business › Flutterwave Announces Banking License, To Rival Nigerian Banks (10067 Views)

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Flutterwave Announces Banking License, To Rival Nigerian Banks by dre11(op): 9:29am On Apr 03

By Ogaga Ariemu

Flutterwave has announced that it has received a banking license from the Central Bank of Nigeria, CBN, to operate as a full-fledged financial institution.

This was disclosed in a statement on Thursday by Flutterwave’s Chief Executive Officer and Co-Founder, Olugbenga Agboola.

He described the feat was a defining moment in the firm’s 10-year journey.

He noted that with the development, businesses can now run their entire financial operations seamlessly.

“Today, @theflutterwave announces a Nigerian banking license. It is a defining step in our 10-year journey to build the financial infrastructure powering Africa’s future,” he wrote on X.

The Central Bank of Nigeria had selected Flutterwave, Paystack and other firms as the initial phase of the pilot supervision program for virtual asset service providers (VASPs).

Recall that earlier this year, Flutterwave acquired Nigerian open banking startup Mono in an all-stock transaction worth up to $40 million.

https://dailypost.ng/2026/04/02/flutterwave-announces-banking-license-to-rival-nigerian-banks/

11 Likes 1 Share

Re: Flutterwave Announces Banking License, To Rival Nigerian Banks by Flangelo12: 9:52am On Apr 03

This is huge.

Lots of banks need to adopt a payment system or get ready yo get crushed.

24 Likes

Re: Flutterwave Announces Banking License, To Rival Nigerian Banks by Dpsychologist: 10:04am On Apr 03

Flutterwave is expanding then.

More ways to make money.

11 Likes 1 Share

Re: Flutterwave Announces Banking License, To Rival Nigerian Banks by mmafhew(m): 10:11am On Apr 03

Way to go..
a new era for banking

7 Likes

Re: Flutterwave Announces Banking License, To Rival Nigerian Banks by Openyamind111(m): 10:12am On Apr 03

Wow these guys really made it big… if you know you know! Tech money go far..

11 Likes

Re: Flutterwave Announces Banking License, To Rival Nigerian Banks by Redman44(m): 10:13am On Apr 03

Traditional banks in Nigeria should watch it.

8 Likes 1 Share

Re: Flutterwave Announces Banking License, To Rival Nigerian Banks by Kobicove(m): 10:13am On Apr 03

What do they need banking license for?

We already have too many banks in Nigeria as it is

3 Likes 1 Share

Re: Flutterwave Announces Banking License, To Rival Nigerian Banks by mactoni91(m): 10:14am On Apr 03

GTBANK will be charging me almost 1500 per month for sms charges.

Very useless bank

23 Likes 1 Share

Re: Flutterwave Announces Banking License, To Rival Nigerian Banks by Mightym: 10:14am On Apr 03

Consolidation! They have been very good in online financial transactions

1 Like

Re: Flutterwave Announces Banking License, To Rival Nigerian Banks by Kingdavid579(m): 10:15am On Apr 03

The era where every serious digital payment must pass through big commercial banks is slowly ending.

Palmpay and Opay gave them consumer headaches.
Moniepoint shook SME and POS banking.
Now Flutterwave has arrived with the bigger punch.

Once businesses can receive payments, hold balances, run payroll, issue cards, and settle faster inside one fintech ecosystem, a lot of “tech money” may no longer need to touch traditional banks the same way.

The banks may not disappear, but they risk becoming what power companies are to homes: essential, yet invisible infrastructure.

The future money layer may no longer belong to the biggest banks, but to the platforms people interact with every day.

17 Likes 1 Share

Re: Flutterwave Announces Banking License, To Rival Nigerian Banks by Christ4ever: 10:17am On Apr 03

mmafhew:
Way to go..
a new era for banking

New Era? Lol

What exactly are they bringing that isn't already in existence?

The Nigerian banking industry is fully mature and over saturated already.

What we need are sound policies that would further support the sector and help mobilize capital to other areas of the economy.

8 Likes

Re: Flutterwave Announces Banking License, To Rival Nigerian Banks by Emeskhalifa(m): 10:18am On Apr 03

Nothing will happen talking about those saying they will rival commercial banks.

Remember, they are coming into an already over populated, over saturated market.

6 Likes

Re: Flutterwave Announces Banking License, To Rival Nigerian Banks by zoedew: 10:18am On Apr 03

panic begins there! Hian! Hian!!!

1 Like

Re: Flutterwave Announces Banking License, To Rival Nigerian Banks by DONOCSO(m): 10:20am On Apr 03

This changes nothing. Opay, Palmpay all have a banking license.

Not like they would reduce the cost of making an online transaction through their platform.

7 Likes

Re: Flutterwave Announces Banking License, To Rival Nigerian Banks by helinues: 10:20am On Apr 03

If not for security and power sector, other sectors are actually improving

10 Likes

Re: Flutterwave Announces Banking License, To Rival Nigerian Banks by Westman001: 10:20am On Apr 03

I think the current holder of CBN is doing well

2 Likes

Re: Flutterwave Announces Banking License, To Rival Nigerian Banks by sniperwolf(m): 10:21am On Apr 03

Next should be Moniepoint and Opay. These commercial banks have failed in their responsibilities

10 Likes 1 Share

Re: Flutterwave Announces Banking License, To Rival Nigerian Banks by FutureFocus: 10:21am On Apr 03

mactoni91:
GTBANK will be charging me almost 1500 per month for sms charges.

Very useless bank

Yours is very small, I wonder why GTB does that

Re: Flutterwave Announces Banking License, To Rival Nigerian Banks by zoedew: 10:21am On Apr 03

Christ4ever:
New Era? Lol

What exactly are they bringing that isn't already in existence?

The Nigerian banking industry is fully mature and over saturated already.

What we need are sound policies that would further support the sector and help mobilize capital to other areas of the economy.

Not in existence is seamless internet enabled financial transactions. Have you sought to transfer money before and the bank messed up. Once I got stranded in Abuja and had to stay a weekend because my bank could not service my demand required to travel on a Saturday!

3 Likes

Re: Flutterwave Announces Banking License, To Rival Nigerian Banks by tivity101: 10:22am On Apr 03

Its a welcome development, congratulations to them

1 Like

Re: Flutterwave Announces Banking License, To Rival Nigerian Banks by CSTRR: 10:23am On Apr 03

,...,........,....hgghbbbggggggggggkmyvf

Re: Flutterwave Announces Banking License, To Rival Nigerian Banks by Redman44(m): 10:26am On Apr 03

mactoni91:
GTBANK will be charging me almost 1500 per month for sms charges.

Very useless bank

I am about to dump GT Bank. I have stopped receiving money into my GT Bank account for close to 3 months now. I will allow the account to be closed by the bank itself. Shior 😲😬😡.

Re: Flutterwave Announces Banking License, To Rival Nigerian Banks by zoedew: 10:27am On Apr 03

sniperwolf:
Next should be Moniepoint and Opay. These commercial banks have failed in their responsibilities

That OPAY own will be a wiper for many Nigerian Banks except for one or two! It will be mightily backed by Chinese financial might!

2 Likes

Re: Flutterwave Announces Banking License, To Rival Nigerian Banks by Christ4ever: 10:27am On Apr 03

zoedew:
Not in existence is seamless internet enabled financial transactions. Have you sought to transfer money before and the bank messed up. Once I got stranded in Abuja and had to stay a weekend because my bank could not service my demand required to travel on a Saturday!

Most of the Fintechs are doing well with this already.

Re: Flutterwave Announces Banking License, To Rival Nigerian Banks by EdiskyHarry: 10:28am On Apr 03

Please do, all these Nigerian banks too do shakara

2 Likes

Re: Flutterwave Announces Banking License, To Rival Nigerian Banks by promami: 10:28am On Apr 03

I have never seen any traditional bank digital product use a clean or modern UI. It's always wack, ugly, silly and filled with bugs.
FCMB mobile app is the worst.

1 Like

Re: Flutterwave Announces Banking License, To Rival Nigerian Banks by EdiskyHarry: 10:29am On Apr 03

[quote author=mactoni91 post=138979135]GTBANK will be charging me almost 1500 per month for sms charges.

that's the worst bank in Africa

2 Likes

Re: Flutterwave Announces Banking License, To Rival Nigerian Banks by lordm(m): 10:41am On Apr 03

If you send 500 to someone, they will still collect charge

mactoni91:
GTBANK will be charging me almost 1500 per month for sms charges.

Very useless bank

Re: Flutterwave Announces Banking License, To Rival Nigerian Banks by OnionLayers: 10:44am On Apr 03

mactoni91:
GTBANK will be charging me almost 1500 per month for sms charges.

Very useless bank

Deactiveate you sms alert, activate email. I can't remeber when last GTBank charge me for anything, instead, they gives me money.

7 Likes 1 Share

Re: Flutterwave Announces Banking License, To Rival Nigerian Banks by femi4: 10:44am On Apr 03

dre11:
https://dailypost.ng/2026/04/02/flutterwave-announces-banking-license-to-rival-nigerian-banks/

Welcome on board..waka jeje

1 Like

Re: Flutterwave Announces Banking License, To Rival Nigerian Banks by bassdow: 10:45am On Apr 03

I just hope they don't end up being BOUGHT out like was done to payStack. Would really love for major control to remain local.

3 Likes

Re: Flutterwave Announces Banking License, To Rival Nigerian Banks by sjx566: 10:58am On Apr 03

Kobicove:
What do they need banking license for?

We already have too many banks in Nigeria as it is

Banks that can't help finance small businesses without undue strict regulations with overwhelming narrow scaling path.

2 Likes 2 Shares

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