LAGOS, Nigeria — In a move set to reshape the continent’s digital economy, Flutterwave, Africa’s leading payments giant, has officially acquired Mono, the pioneer of open banking infrastructure in Africa.
The acquisition signals a bold shift in strategy: the future of African payments is moving away from traditional card rails and toward bank-based, data-driven, and authenticated payment methods.
The Vision: A Connected Financial Ecosystem
By bringing Mono into its fold, Flutterwave is positioning Open Banking as the backbone of its ecosystem. Mono’s API-driven platform allows for secure access to financial data, instant account-to-account payments, and seamless identity verification.
What this means for the market:
- Faster Onboarding: Businesses can verify identities and bank accounts instantly.
- Lower Fraud: Authenticated, bank-led payments provide a more secure alternative to cards.
- New Frontiers: The partnership paves the way for “open banking-enabled” stablecoin use cases and richer alternative payment flows.
Independence Meets Scale
In a strategic twist, Mono will continue to operate independently. There will be no changes to its leadership, team, or day-to-day operations. Flutterwave’s role is one of strategic alignment, allowing Mono to innovate at its own pace while plugging its powerful infrastructure into Flutterwave’s massive global reach.
“Payments, data, and trust cannot exist in silos,” said Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave. “Open banking provides the connective tissue, and Mono has built critical infrastructure in this space.”
Why It Matters
For developers and businesses, this merger reduces complexity. Instead of jumping between different providers for payments and verification, they now have a unified environment. For regulators, the deal promises higher standards in data protection and compliance, adhering to global frameworks like ISO 27001.
Abdulhamid Hassan, CEO of Mono, noted that the two companies have been partners since 2021. “This allows us to build the infrastructure layer that powers the next generation of African fintech at the speed and scale the continent deserves,” he stated.
