Flutterwave has taken a bold step to reshape Africa’s fintech landscape by acquiring Mono, a Nigerian open banking startup, in a deal worth up to $40 million.
A Vision for Data-Driven Finance
The story begins in 2020, when Abdulhamid Hassan left Paystack, convinced Africa’s fintech future would rely on data, not just payments.
He founded Mono to give businesses secure access to financial data, identity verification, and direct bank payments.
Over five years, Mono processed more than 150 billion transactions, served seven million users, and expanded regionally.
Today, it operates in Nigeria, Kenya, and Ghana, earning recognition for its open banking expertise.
Partnership Turns Into Acquisition
Flutterwave first partnered with Mono in 2021, recognising its potential to strengthen Africa’s financial infrastructure.
Under the acquisition, Mono will continue operating independently, with its leadership managing daily operations.
Meanwhile, some Mono investors reportedly earned up to 20 times their original investment from the deal.
Flutterwave CEO GB Agboola explained that the deal integrates payments, data, and trust across African markets.
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He added, “Mono built critical infrastructure, enabling secure, compliant, and locally relevant services.”
Hassan described the acquisition as combining Mono’s capabilities with Flutterwave’s scale and global reach.
Flutterwave Driving Growth And Innovation
Mono’s APIs will speed merchant onboarding, reduce fraud, and enable seamless account-to-account payments.
The integration will simplify compliance processes, including identity checks and bank verification across multiple markets.
Developers will gain a unified environment where payments and financial data coexist, reducing complexity and accelerating innovation.
The acquisition also strengthens Flutterwave’s platform, improving margins, engagement, and competitive advantage.
As Africa shifts from card-based to bank-based and alternative payment methods, open banking becomes more important.
It now supports account-to-account payments, secure data sharing, and new financial products across markets.
Thus, Flutterwave and Mono position themselves at the centre of Africa’s next phase of payments growth.
Hassan emphasised that the acquisition rewards the foresight he demonstrated five years ago.
Finally, the deal signals Africa’s fintech maturity and the rising importance of open banking across the continent.
