Flutterwave Secures Nigerian Banking License to Accelerate Payment Efficiency

Source: Financial IT 

Flutterwave Inc., Africa's leading payments technology company, announced it has secured a Nigerian banking license. This license enables the company to hold funds and deposits directly, strengthening its financial infrastructure across its largest market and enabling more efficient financial services and settlement flows for consumers, businesses and enterprises. 

Historically, global payment companies have operated via a "sponsorship" model, partnering with established commercial banks to access national clearing and settlement systems. While functional, this arrangement often limits a fintech's pace of innovation and requires them to share a portion of the transaction value with the sponsoring institution. 

By securing this banking license, Flutterwave gains greater control over how funds move within its ecosystem, including the ability to hold deposits and manage financial flows across its platform.