Flutterwave has acquired Mono, an African open banking platform and this action is said to be redefining the future of open banking and digital transactions across the continent of Africa. This historic agreement combines Flutterwave’s increase in payments with Mono’s strength in financial data, identity verification and account-to-account payments by creating a stronger and grounded fintech ecosystem across the continent.
Announced on the 5th of January 2026, this acquisition is reportedly valued at up to $40 million. This gives Flutterwave access to Mono’s APIs which combines basic user accounts and financial data sources and enables secure account verification, balance checks and direct bank transactions and fintechs.
Mono raised funding from global investors including Ycombinator and other venture backers and it now has a much larger distribution network as a result of the agreement with Flutterwave and its presence in over 30 African markets. To the investors and general population, this merger stands out as a rare significant shift in African fintechs and shows that the market is growing.
Furthermore, bringing Mono into the Flutterwave system enables the fintech to be recognized as more than just a payment gateway and evolve into a full financial infrastructure provider. Mono’s tools help to confirm users’ identities, reduce fraud and access trusted financial data. When all of this is combined with Flutterwave’s current payment rail, remittance products and merchant services, it produces a more seamless experience for enterprises that want everything from collection to payments, credit decisions and compliance in one stack. In short, that means faster onboarding, less failed transactions and more thorough risk assessments for banks, lenders and digital platforms using Flutterwave.
What This Means for Open Banking in Africa
Flutterwave’s acquisition significantly increases open banking acceptance across Africa by combining flexible payment platforms and secure data access and account-to-account transactions.
Firstly, Open banking succeeds due to a consent-based data sharing system between banks and fintechs and enables services like instant verification and direct transfers. Mono’s APIs backed by Flutterwave’s reach in over 30 countries in the continent will enhance interoperability and reduce market fragmentation. Businesses gain lower fraud rates due to strict identity checks, faster onboarding and seamless alternatives to card payments which are less reliable.
Secondly, this acquisition places open banking as an essential asset to Africa’s payment and evolution by moving from dependence on card payments to bank authenticated methods. Lenders can access transaction history for credit scoring while remittance and payments become more efficient with real-time data. Flutterwave’s CEO, Olugbenga Agboola, notes this merging of payments, data and trust breeds inclusive growth especially for SMEs.
Lastly, this deal ensures compliance with important frameworks like the CBN Open Banking Framework and Data Protection Laws (NDPA) alongside international security standards like the PSI-DSS and ISO27001. Overall, it fosters a secure and efficient financial infrastructure.
Flutterwave’s acquisition of Mono ushers in a new era for the African fintech landscape. As global investors take notes and regulators roll out supportive policies, these chain of events will redefine financial supremacy and propel Africa towards self-sustaining innovations. In conclusion, this deal represents a key development in strengthening Africa’s fintech infrastructure.
