Nigeria: CBN Grants Flutterwave Banking Licence as Fintech Payments Surpass $40bn

Flutterwave has received regulatory approval from the Central Bank of Nigeria (CBN) to operate banking services, marking a significant step in its evolution from a payments infrastructure provider to a broader financial services player.

The development represents a key milestone for the Lagos-based fintech, positioning it to expand its offerings beyond payments into more comprehensive banking solutions.

The approval also reflects a broader shift within Nigeria’s fintech ecosystem, where leading platforms are increasingly transitioning toward full-service financial operations amid growing digital adoption.

In parallel, the CBN has included Flutterwave and other fintech firms such as Paystack in a pilot programme focused on the supervision of virtual asset service providers. The initiative is aimed at strengthening regulatory oversight, particularly around anti-money laundering and counter-terrorism financing risks tied to digital assets.

The programme is expected to inform future regulatory frameworks for virtual asset activities, as authorities seek to balance innovation with financial system integrity.

Flutterwave also disclosed that it has processed over $40 billion in transactions within a decade of operations, underscoring the rapid growth of digital payments across Africa. The platform continues to support businesses with cross-border payment capabilities, enabling seamless transactions across multiple markets.

The milestone comes shortly after the company marked its 10th anniversary, highlighting its journey from a startup launched in 2016 to one of Africa’s leading fintech platforms.

Over the years, Flutterwave has expanded its footprint across the continent while building global partnerships that allow businesses to accept payments from customers worldwide.

Together, the banking licence, participation in regulatory pilots, and sustained transaction growth reinforce Flutterwave’s expanding role in Nigeria’s financial ecosystem and signal continued momentum in the country’s digital finance landscape.