Flutterwave, a leading African payments technology company, completed its acquisition of Mono, an open banking infrastructure provider, on January 5, solidifying a strategic move towards a more connected financial ecosystem across the continent.
The acquisition aims to integrate Mono’s capabilities in identity verification, financial data access, and account-to-account payments with Flutterwave’s existing payment solutions. While the financial terms of the deal were not disclosed, both companies emphasized that Mono will continue to operate independently, maintaining its current team, leadership, and day-to-day operations. This structure suggests a strategic alignment focused on leveraging Mono’s technology rather than a full operational merger.
According to Flutterwave, the move signals a shift in Africa’s payment landscape, moving away from traditional card-based systems towards bank-based, authenticated payment methods. The integration of Mono’s APIs is intended to streamline customer onboarding, enhance verification processes, reduce fraud, and facilitate seamless account-to-account transfers. Flutterwave also anticipates the collaboration will pave the way for more advanced payment options, including authenticated payment flows and, potentially, open banking-enabled stablecoin applications.
“Payments, data, and trust cannot exist in silos,” stated Olugbenga ‘GB’ Agboola, founder and CEO of Flutterwave. “Open banking provides the connective tissue, and Mono has built critical infrastructure in this space. This acquisition allows us to expand what’s possible for businesses operating across African markets, while staying grounded in security, compliance, and local relevance.”
Mono, founded by Abdulhamid Hassan, has been a key player in establishing open banking infrastructure in Africa. The company’s API platform allows developers to securely access financial data and initiate payments directly from users’ bank accounts, with their consent. Hassan noted that the partnership with Flutterwave, which began in 2021, demonstrated the potential of a coordinated approach to unlocking Africa’s open banking potential.
“Mono’s capabilities across financial data access, direct bank payments, and identity verification, combined with Flutterwave’s unmatched scale and global reach, create something more defensible and comprehensive,” Hassan said. “This acquisition allows us to build the infrastructure layer that powers the next generation of African fintech at the speed and scale the continent deserves.”
The acquisition comes as open banking gains traction globally, with increasing regulatory support and consumer demand for more secure and efficient financial services. In Africa, the fragmented nature of the financial landscape and the high rate of unbanked populations present both challenges and opportunities for open banking solutions. Mono’s technology addresses some of these challenges by providing a standardized and secure way to access financial data, enabling fintech companies to offer innovative products and services.
While the immediate operational impact of the acquisition is expected to be minimal, the long-term implications for the African fintech ecosystem are significant. The combined capabilities of Flutterwave and Mono could accelerate the adoption of open banking and drive innovation in the payments space. The companies have not yet detailed specific plans for integrating their technologies or launching novel products, but have indicated a focus on expanding access to financial services and improving the overall customer experience.
