Flutterwave secures microfinance licence to expand financial services
Flutterwave has secured a microfinance bank licence from the CBN, allowing it to offer deposits, lending, and more, a move that deepens its role in Nigeria’s financial system.
Flutterwave has secured a microfinance bank (MFB) license from the Central Bank of Nigeria (CBN), marking a significant step in its evolution within the country’s financial ecosystem.
With the new license, the payments company can now operate as a regulated financial institution, enabling it to provide services such as accepting deposits, facilitating transfers, and offering credit to customers.
The company says the approval will help improve payment efficiency and expand access to financial services, particularly for underserved individuals and small businesses across Nigeria.
“Businesses can now run their entire financial operations seamlessly, while developers can build new financial products directly on our infrastructure at scale,” Olugbenga Agboola, CEO at Flutterwave, said in a statement on LinkedIn. “We can now build, innovate, and solve customer problems faster than before because we now control the value chain of payments in Nigeria.”
The development signals a notable regulatory milestone for one of Africa’s most prominent fintechs, as it deepens its operational footprint in its largest market. By moving beyond its core payments infrastructure, Flutterwave is positioning itself to play a more central role in Nigeria’s financial system.
In recent years, Nigeria’s fintech sector has seen increased scrutiny from regulators, particularly around licensing, compliance, and consumer protection. Securing an MFB license not only grants Flutterwave broader operational capabilities but also aligns it more closely with the regulatory expectations governing financial institutions in the country.
This shift mirrors a growing trend among fintech companies seeking to transition into fully licensed entities. By doing so, they gain greater control over their service offerings, reduce reliance on partner banks, and improve service delivery speed — particularly in areas like settlements and wallet services.
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