Flutterwave Inc., an African payments technology company, says it has secured a Nigerian banking licence.
Olugbenga Agboola, founder and chief executive officer (CEO)
of Flutterwave, announced the development in a post on Thursday.
According to the statement, the licence enables Flutterwave
to hold funds and deposits directly, marking a significant milestone in its
transition toward becoming a more comprehensive financial infrastructure
platform.
“By operating with direct infrastructure, we can streamline
our operations and accelerate payment flows for everyone,” the statement reads.
“Businesses can soon hold balances within Flutterwave,
access improved treasury, and data-driven lending.”
Commenting, Agboola said the milestone allows “us to make
our infrastructure more efficient and deliver faster, more reliable financial
services”.
By operating directly within the financial system, he said
the fintech can simplify money transfers, speed up merchant settlements, and
develop products that support sustainable long-term growth.
Agboola described the approval as a pivotal milestone in the
company’s 10-year journey to build the financial infrastructure that will power
Africa’s future.
“A decade ago, we started with a simple belief: better
infrastructure changes everything. Payments failed too often, settlement was
slow, and expanding meant rebuilding from scratch. So we focused on connecting
what was fragmented,” he said.
“With the acquisition of @mono_hq earlier this year, we
deepened that connectivity.
“Now we are going further by building a unified platform
where businesses can open accounts, accept and send payments, manage payouts,
run payroll, and operate across currencies in one place, with access to lending
and working capital powered by real transaction data.”
Agboola said businesses can now manage their full financial
operations seamlessly, while developers can create and scale new financial
products directly on the company’s infrastructure.
The founder added that the company can now build, innovate
and solve customer problems faster than before “because we now control the
value chain of payments in Nigeria”.
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