The collaboration aims to develop and support the next phase of stablecoin-powered payments and settlements across the African continent.

The announcement comes on the heels of Flutterwave’s recent infrastructure integration with institutional crypto developer Turnkey.

While the Turnkey deal was explicitly designed to secure the underlying wallet infrastructure and streamline the creation of non-custodial wallets for users, this new partnership with Tempo expands Flutterwave’s actual settlement capacity, integrating a fresh Layer-1 blockchain network as a complementary settlement rail.

Together, the two deals signal a rapid, highly structured push by the African fintech giant to institutionalize stablecoin utility for real-world cross-border commerce.

Resolving the Remittance Friction Point

The collaboration aims to integrate Tempo as a blockchain settlement network within the Send App and Flutterwave for Business (F4B) platforms.

Together, the companies are working to combine their products, networks, and go-to-market capabilities to enable faster, more efficient global money movement once the infrastructure goes live.

This partnership directly addresses the high costs and lengthy delays that currently plague cross-border transactions into and across Africa.

According to the World Bank, remittance fees to sub-Saharan Africa average around 7%, which is significantly higher than the global average of 6% and well above the United Nations Sustainable Development Goal target of 3%.

Furthermore, traditional reliance on complex correspondent banking and foreign exchange chains can delay settlements for several business days, reducing liquidity and straining working capital for businesses and families alike.

Technical Architecture & Product Scope

To address these friction points across select corridors, Flutterwave is integrating Tempo’s layer-1 blockchain network as a complementary settlement rail within its broader multi-chain payments infrastructure, which includes its existing Polygon-based stablecoin settlement capabilities.

Once fully deployed, this integration will support wallet-to-wallet USDC and USDT transactions, providing users with faster settlement times, stable network performance, and predictable transaction costs.

Tempo will operate as part of Flutterwave’s broader blockchain settlement infrastructure, complementing existing integrations and supporting Flutterwave’s continued commitment to Polygon-based stablecoin payment flows. This enables additional settlement options across specific corridors based on corridor requirements and operational needs.

The teams are currently working to enhance two core Flutterwave products designed for distinct user bases:

• Send App: Which connects individuals in the United States, United Kingdom, European Union, and Canada to recipients across Africa.
• Flutterwave for Business (F4B): Which powers enterprise cross-border payments, supplier settlements, and USD-denominated flows.

Built for high-volume payment environments, Tempo’s infrastructure features fast transaction finality and aligns with ISO 20022 standards. This alignment will eventually allow enterprises to seamlessly reconcile cross-border transactions within their existing finance and Enterprise Resource Planning (ERP) systems.

The collaboration reflects a broader global evolution where stablecoins are transitioning from crypto-native speculation instruments into practical payment rails that improve settlement efficiency and access to global liquidity.

Commenting on the deployment, Olugbenga “GB” Agboola, Founder & CEO of Flutterwave, said:

“We are building the infrastructure for how money should move in a modern, connected world–, compliant, scalable, and designed for real-time global commerce. Our partnership with Tempo allows us to expand our existing payments ecosystem by adding additional practical stablecoin settlement rails. We are working together to turn these into everyday tools that will make cross-border payments faster, more predictable, and more cost-efficient for businesses and individuals across Africa. This actively removes friction from the system and expands our multi-rail standard of global payment connectivity for the continent.”

Highlighting the scale of the expansion, Dan Romero, Head of GTM at Tempo, added:

“Flutterwave has built one of the most extensive payments networks in Africa. We’re excited to work with their team to expand their stablecoin settlement to cross-border corridors that have traditionally relied on slow, expensive fiat rails for years, and to get it into production on Tempo.”

The Bigger Infrastructure Picture: Turnkey + Tempo

By connecting the dots between Flutterwave’s recent technical selections, a clear multi-layered blockchain strategy emerges.

The previous deal with Turnkey laid the security groundwork, utilizing advanced cryptographic primitives like Multi-Party Computation (MPC) to allow Flutterwave to generate and manage secure stablecoin wallets seamlessly behind the scenes.

With the wallet architecture secured by Turnkey, the partnership with Tempo provides the transactional “highways” (the settlement rails) to move assets across those wallets with institutional speed and low overhead.

As macro liquidity pressures persist across key African markets, Flutterwave’s deliberate assembly of a compliant, multi-chain stablecoin ecosystem positions it at the forefront of the continent’s evolving Web3 corporate payments landscape.

The post Flutterwave Taps Tempo to Deepen Stablecoin Infrastructure in Africa after Turnkey Deal appeared first on Tech | Business | Economy.

The company confirmed on Monday that interested customers will be migrated into Paystack MFB before July 31, 2026, further noting that its business banking operations will now sit within Paystack’s regulated banking system.

“Brass will move its business banking into Paystack MFB,” the company said. “As part of this transition, Brass will no longer operate as an independent entity.”

Brass launched in 2020 with a focus on small and growing businesses. It offered accounts, payroll tools, expense tracking and cash-flow management. Many SMEs used the platform as an alternative to traditional banking systems that was previously slow and rigid.

By late 2023, cracks began to show. Customers reported delays in accessing funds, and issues spread across the startup ecosystem. The challenge around withdrawals affected trust in deposit-like fintech services it offered

Things escalated into a liquidity crisis that placed the company under serious stress. Founders and operators publicly voiced out at the time, as issues grew around customer balances and operational stability.

A rescue deal followed in May 2024, when a consortium led by Paystack, alongside PiggyVest, Ventures Platform, and P1 Ventures acquired Brass after months of instability.

At the time, investors described the takeover as a stabilising step, saying they wanted to support the company’s mission and restore confidence in operations. Brass’s co-founders later exited the business after the acquisition.

In Monday’s statement, Brass said the months after the deal focused on rebuilding its systems. New leadership, led by Philip Obosi and Yvonne Obike, took charge of operations and internal processes.

Progress eventually made one direction clearer. “As we rebuilt and as our platform became more mature, something became increasingly clear,” Brass said. “The next phase of our growth could not be achieved alone.”

That path now leads directly into Paystack’s banking infrastructure.

Paystack has expanded steadily beyond payments. In January 2026, it entered Nigeria’s banking space through the acquisition of Ladder Microfinance Bank, which became Paystack Microfinance Bank.

The bank now provides transfers, treasury services and other business banking tools. Brass’s SME-focused products fit into that structure without major adjustment.

Paystack itself, acquired by Stripe in 2020, has continually strengthened its focus on regulated financial services across Africa.

Ever since, however, the sector has changed. During the funding boom between 2020 and 2022, many fintechs built overlapping products and competed for the same business customers. That expansion slowed when capital became tougher to get.

Regulators also increased oversight, especially around deposit-like services and liquidity management. Several companies have since restructured or merged to stay stable.

Consolidation has followed, with Flutterwave acquiring open banking firm Mono earlier in 2026, while Paystack’s absorption of Brass aligns with that pattern of consolidation.

Brass described its exit as a continuation rather than a closure. “This transition marks a new chapter,” the company stated, “with even greater capability for the businesses we serve.”

For SMEs, the migration brings accounts and operations into a regulated banking environment under Paystack MFB. Customers will receive direct communication on next steps ahead of the July 2026 deadline.

The post Brass to Shut Down as Independent Firm, Migrates Customers into Paystack MFB appeared first on Tech | Business | Economy.

More than 100 employees have been promoted across its global operations, with one-time economic relief payment also introduced for all staff worldwide. 

In Nigeria, employees will receive additional tax support and cost-of-living adjustments following recent regulatory changes affecting take-home pay.

The decision also results from high living costs across key markets, including Nigeria, where inflation stood at 15.69% in April 2026. 

Food inflation was recorded at 16.06% in the same period. Fuel prices have also surged, with petrol selling at about ₦1,532.93 per litre, adding pressure to transport and daily expenses.

“I often say our people are our secret sauce,” Olugbenga “GB” Agboola, Flutterwave founder and CEO said. “They are the ultimate engine behind everything we build, giving us the capacity to create solutions that power businesses, unlock opportunities, and move money seamlessly across Africa and beyond.”

The company said the latest support measures are part of its approach to staff welfare and retention. It added that it wants employees to focus on work without constant financial strain.

Annette Akpolo, head of People and Culture at Flutterwave, said the approach combines individual performance with better staff support.

“Our goal has always been to build an environment where our people can focus on doing their best work, rather than being weighed down by economic anxiety,” Akpolo said. 

“Pairing merit-based individual growth with supporting the collective needs of the whole team are both essential parts of how we build a company culture where people genuinely want to stay and grow over the long term.”

Founded in 2016, Flutterwave marks its tenth year in 2026. The company said it has now processed over 1 billion transactions and moved more than $40 billion in total payment value globally.

Flutterwace also reported strong recent growth, including a 289% increase in wallet-based collections by transaction count and a 184% rise in bank transfer value over the past year. The company attributed this to wider use of local payment methods across its markets.

The announcement comes as Nigeria’s fintech sector competes for skilled talent. Firms such as Paystack and Interswitch are also expanding, while companies adjust pay and benefits to retain staff under rising cost pressures.

At Flutterwave, leadership said growth remains tied to performance and contribution.

“At Flutterwave, growth is earned through meaningful contributions to the business and to the mission we are building together,” Agboola said. “As we continue to grow, the people who will shape our future are those who consistently step up, solve hard problems, support others, and move the company forward.”

The post Flutterwave Promotes 25% of Staff as It Rolls Out Global Relief, Pay Support Package appeared first on Tech | Business | Economy.

But then, some of the world’s biggest technology companies followed the same pattern in their early years. They spent heavily first, built infrastructure, gained users, and then monetised at scale later.

That is why the move by Flutterwave is way more important than we speak about.

After processing over $40 billion in payments over the last decade, the company secured a Nigerian microfinance banking licence last month, following its acquisition of Mono, the open banking startup often described as Africa’s version of Plaid. 

This is bigger than another fintech expansion story. What Flutterwave has done is move from simply moving money to controlling more of the infrastructure behind the movement of money.

For years, Flutterwave operated between businesses and banks. Companies used their rails to collect payments, settle transactions and move funds across borders, but the actual deposits and core banking functions still depended on licensed banks. The company processed huge volumes, but part of the economics were elsewhere.

That structure is common in fintech. A startup may appear large from the outside because transaction volume is high, but volume does not automatically mean strong margins. 

Many financial technology firms spend years paying partners, covering compliance expenses, subsidising growth, expanding into new countries and building trust before the business model fully matures.

In simple terms, some businesses spend their early years building the road before they can charge properly for traffic.

Flutterwave’s banking licence changes that equation. The licence allows the company to hold deposits directly, offer accounts, expand lending and control settlement flows inside its own ecosystem rather than depending entirely on partner institutions. 

That may sound technical, but it changes the economics of the business in a big way.

Margins improve when a company owns more layers of its infrastructure. Costs that once went to third parties begin to stay within the system. Products become easier to bundle, data becomes more useful, lending becomes possible and customer retention becomes stronger.

This is why the Mono acquisition is also very important. Mono’s infrastructure gives Flutterwave stronger access to account connectivity, financial data, identity verification and repayment intelligence. 

That means the company is no longer thinking only about payment processing. Its focus is a future where payments, banking, verification, lending and financial data operate together.

And that transition explains a fact that many people ignore when discussing startups. Not every serious business is designed to become profitable immediately.

Some companies optimise for early profit, while others optimise for scale, distribution and infrastructure first.

If a company focuses too early on squeezing profit from every transaction, growth can slow down. Expansion becomes harder, product depth suffers and competitors with stronger infrastructure eventually overtake them.

This is especially true in Africa, where building financial infrastructure is far more expensive and fragmented than many outsiders realise.

A fintech operating across multiple African countries must navigate different currencies, regulators, banking systems, compliance standards and settlement structures. 

In many cases, the rails barely speak to one another efficiently. Building around those gaps costs money and takes time.

That is why many African startups spend years appearing “busy but unprofitable”. The asset being built is usually invisible at first.

Trust, distribution, licensing, compliance, partnerships, technical infrastructure, and customer behaviour take years to develop properly.

What investors and founders usually hope is that once those layers become strong enough, monetisation becomes easier and more durable.

Flutterwave now appears to be entering that phase, already managing payments for global brands including Uber and Netflix across Africa. But the bigger shift is gradually moving from being a payments processor to becoming a financial infrastructure company.

That changes who its competitors are and also changes how the company earns money.

A processor earns from transaction activity, while a financial ecosystem earns from multiple layers at once, including deposits, cards, settlements, lending, verification, subscriptions and embedded services. That is a very different business.

Of course, delayed profitability is not automatically a good sign. Some companies simply burn cash without building durable value. Scale alone is meaningless if the economics never improve.

But there is usually a visible pattern when infrastructure businesses begin to mature. They stop renting critical systems and start owning them.

That is what we see behind Flutterwave’s banking licence. For nearly ten years, the company helped businesses move money across Africa while relying heavily on external banking infrastructure. Now, it is beginning to own more of that infrastructure itself.

And in business, that is the point where the monetisation begins.

The post What Business Owners Should Learn From Flutterwave 10-Year Wait for Real Monetisation appeared first on Tech | Business | Economy.

The collaboration, anchored on the 2026 edition of the Youth Entrepreneurship and Empowerment Programme (YEEP), brings together two institutions with a shared commitment to expanding economic opportunity for young Nigerians.

Over the past 10 years, ASIF has built one of Nigeria’s credible platforms for enterprise development through YEEP, providing young entrepreneurs with access to training, mentorship, and funding.

In 2025 alone, the programme deployed over ₦50 million in cash and equipment grants to support carefully selected young Nigerians, who submitted business proposals to build viable businesses.

YEEP 2025 recorded over 2,000 participants, while ASIF’s broader youth engagement ecosystem, including NYSC orientation camp activations, reached over 30,000 young people across the country.

As Lead Sponsor of YEEP 2026, Flutterwave will support the programme while integrating its full payment ecosystem, led by Send App, its flagship cross-border remittance platform, alongside merchant solutions and digital financial infrastructure.

This will equip the youth with the tools to seamlessly receive payments from anywhere, manage transactions, and scale sustainable businesses.

Olugbenga Agboola, founder and CEO, Flutterwave, said:

“Nigeria’s youthful population is its greatest strength. The ambition is already there—what’s needed is access to the right tools to unlock it.” He continued,” For 10 years, Flutterwave has been building the infrastructure that powers opportunity, helping individuals and businesses transact, grow, and scale across borders. Through this partnership with ASIF, we’re deepening that impact by equipping young entrepreneurs with the tools to build sustainable businesses, while platforms like Send App give them the ability to receive payments globally and connect to opportunities beyond their immediate environment.”

For Flutterwave, the partnership reflects its commitment to powering Nigerian businesses through accessible financial infrastructure.

Through this collaboration, Flutterwave’s payment solutions will be introduced to young Nigerians, including corps members participating in NYSC orientation programmes across Abuja and other states.

Love Idoko-Uloko, Founder/CEO, Activate Success International Foundation, said:

“Young Nigerians do not need to be rescued; they need to be resourced. Our work through YEEP has consistently focused on providing real opportunities like funding, skills, and access. Partnering with Flutterwave strengthens this mission and expands the impact for every entrepreneur we support.”

YEEP 2026 is scheduled to take place on the 18th June, 2026 in Abuja. Beyond YEEP 2026, the partnership will extend to NYSC orientation camp engagements across the country, where thousands of corps members will gain exposure to digital financial tools, including payment solutions, merchant services, and financial management capabilities.

This initiative aligns with broader national priorities around financial inclusion and youth economic participation.

Expanding access to digital financial tools remains critical to unlocking productivity within Nigeria’s largely informal economy and enabling young people to participate more effectively in formal economic systems.

Both organisations will also explore opportunities to connect beneficiaries to additional enterprise support programmes, strengthening pathways for sustainable business growth.

The post ASIF Taps Flutterwave’s Payment Ecosystem to Empower 30,000+ Entrepreneurs in Nigeria appeared first on Tech | Business | Economy.

This roundtable took place on the sidelines of the IMF/World Bank Spring Meetings in Washington, D.C. Moderated by Shannon Stround, chief executive officer, US, Invest Africa, the session gathered a distinguished group of global investors, development finance institutions, policymakers, and technology leaders to evaluate the current state of investment in Africa’s digital economy and the infrastructure needed to scale it.

In attendance was Dr. Jumoke Oduwole, minister of Industry, Trade and Investment, Federal Government of Nigeria, who spoke on the positive investment landscape in Nigeria’s digital economy. Other attendees include Haytham Elmaayergi, executive vice president of Global Trade at Afreximbank; Wale Adeosun, founder & CEO of Kuramo Capital; Yvonne Ike, managing director

and head of Sub-Saharan Africa at Bank of America; Bolaji Balogun, CEO of Chapel Hill Denham; and Miguel Azevedo, managing director EMEA at Citibank.

Flutterwave was represented by members of its senior leadership team, who led focused discussions across three strategic pillars, including: scaling digital infrastructure across borders, fintech integration and regulatory harmonisation, and mobilising investment capital for Africa’s digital economy.

Bankole Falade, Flutterwave’s chief legal, Regulatory, and Public Policy Officer, opened with a remark about Building Africa’s Payments Superhighway,” tracing the company’s decade-long journey from connecting fragmented payment networks to operating as a full financial operating system for Africa’s digital economy.

“When Flutterwave started 10 years ago, the primary goal was to connect firagmented payment infirastructure across the continent. When businesses are able to make and receive payments, economies grow and businesses thrive. What we’ve done is connect these disconnected islands with one API. As we look fiorward to the next 10 years, what we want to do is connect Afirica to the rest ofi the world, and the world to Afirica, with seamless payment solutions,” Bankole said.

Bridgit Antwi, head, Strategy and Operations, anchored the conversation on mobilising investment capital to enable ecosystem consolidation, while expanding access to short-term liquidity solutions that support real-time transaction flows and working capital needs.

Bolanle Baruwa, head, SME Business, contributed to the discussion on scaling digital infrastructure, advocating for the Payments Superhighway as a bridge for global capital deployment into Africa’s $1.5 trillion digital economy.

She further emphasized the importance of building systematic talent pipelines, shifting the narrative from basic digital training to creating sustainable employment that aligns with infrastructure growth.

Bankole Falade championed Regulatory Passporting to reduce cross-border entry costs and deepen continental integration for digital scale. Today,

Flutterwave has built the robust financial infrastructure, regulatory frameworks, and bank-grade governance required to turn these strategic objectives into reality.

This reinforces a growing conviction that Africa remains one of the most compelling long-term investment opportunities globally, particularly across digital infrastructure, payments, fintech, and broader technology-enabled sectors.

Reform momentum is improving the investment climate, with macroeconomic adjustments, regulatory reforms, and policy modernisation in key markets creating stronger foundations for capital deployment.

While individual market opportunities are significant, scaling across borders was identified as the key to unlocking the next level of growth.

Deeper regional integration and interoperable systems will be essential for accessing larger addressable markets.

The roundtable was also attended by senior representatives from organisations including Afreximbank, Bank of America, British International Investment, Chapel Hill Denham, Citibank, Dalberg, the European Bank for Reconstruction and Development (EBRD), the Gates Foundation, Google, Helios Towers, Kuramo Capital, Premier Invest, the Nigerian Exchange Group, the Nigerian Sovereign Investment Authority (NSIA), the U.S. International Development Finance Corporation (DFC), UBA, and the World Bank Group.

It reflected a broader shift in investor sentiment: execution matters more now than narrative, with investors increasingly backing businesses and platforms capable of delivering at scale.

The post Flutterwave Convenes Global Dialogue on Africa’s Digital Economy at IMF-World Bank Spring Meetings appeared first on Tech | Business | Economy.

The round was co-led by Flourish Ventures and 1kx, with backing from White Star Capital and Fabric Ventures. With this, the company’s total funding now stands at $9.2 million.

Kulipa builds payment infrastructure that allows fintech companies to issue cards funded directly from stablecoin balances. These cards can be used anywhere card networks are accepted, including for everyday purchases and ATM withdrawals.

Stablecoins already handle more than $300 billion in daily settlements, but their use in everyday payments is still limited. The systems that connect blockchain-based transactions to traditional card networks are still fragmented and usually require large upfront capital.

Kulipa says its platform removes some of these limitations. It verifies balances and settles transactions onchain, reducing the need for prefunding.

At the same time, it takes on fraud liability for issued cards, which lowers operational pressure for its partners.

“Stablecoins have proven their value as a settlement layer, but using them in everyday financial products is still early,” said Axel Cateland, Founder and CEO of Kulipa.

“Card issuance is the bridge between onchain balances and real-world payments. We built Kulipa to give regulated fintech platforms the compliant, capital-efficient infrastructure they need to operate at global scale.”

The company operates what it describes as a local-first model, with regulatory coverage across the European Union, Argentina and Nigeria. It is also working on expansion into the United States through BIN sponsorship.

Kulipa launched its infrastructure in February 2025 and since then, it has issued more than 120,000 cards and signed 20 customers. These include Flutterwave, Solflare, nSave and Ready.

The company also reports a 70% month-on-month increase in transaction volume.

“At Flutterwave, we’re focused on building payment infrastructure that works across markets at scale. As stablecoins become a more practical settlement option, it’s important that businesses can turn those balances into real-world spending,” said Olugbenga Agboola, Founder & CEO of Flutterwave.

“Partnering with Kulipa allows us to extend stablecoin value into globally accepted payments in a compliant, scalable way.”

“Kulipa has enabled Ready to become an onchain alternative to banks,” said Itamar Lesuisse, CEO of Ready. “With their infrastructure, we can issue globally accepted cards directly from stablecoin balances, giving our users seamless access to everyday spending in a compliant and scalable way.”

Kulipa was founded in 2023 by a team with experience across payments, compliance and technology. Cateland previously worked on Apple Pay and Google Pay deployments at Mastercard.

Co-founder and CTO Michael Shynar has worked at WhatsApp and Google, while Head of Compliance Benoit Roger brings experience from Binance and Nickel Bank.

Investors say the company is addressing a key gap in the market.

“We’re seeing stablecoins moving beyond cross-border settlement and becoming part of real financial infrastructure,” said Ameya Upadhyay, General Partner, Flourish Ventures.

“The missing piece has been compliant, scalable card issuance. Kulipa fills that gap by combining capital efficiency with multi-region regulatory coverage, enabling fintech platforms to bring stablecoin settlement into everyday payments.”

1kx Founding Partner Christopher Heymann added, “Stablecoins are reshaping how money moves globally, but for mainstream adoption, people need to spend them as easily as they spend fiat. 

“Kulipa meets users where they already are, starting with the card in their wallet, and gives businesses a turnkey way to offer that experience. We believe this payments layer is critical infrastructure for the next phase of crypto adoption.”

Kulipa says it will use the new funding to strengthen its infrastructure and support more fintech platforms looking to offer stablecoin-based payments at scale.

The post Kulipa Raises $6.2 Million to Expand Stablecoin Card Payments Across Africa, Other Markets appeared first on Tech | Business | Economy.

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.

While Flutterwave will continue to work closely with banking partners across the broader financial ecosystem, the license enables the company to internalize key elements of its financial value chain, improving operational efficiency and supporting faster product development.

This shift strengthens operational autonomy and allows Flutterwave to capture more value from the transactions processed within its ecosystem.

Tapping into a Multi-Trillion Naira Market

Nigeria represents one of Africa’s most dynamic financial ecosystems, with trillions of naira moving through digital payment channels each year.

By operating more directly within the regulated financial system, Flutterwave can further optimize how money moves across its platform and improve settlement efficiency across its network of merchants, businesses and consumers.

“This milestone allows us to make our infrastructure more efficient and deliver faster, more reliable financial services,” said Olugbenga Agboola, Founder and CEO of Flutterwave. “By operating directly within the financial system, we can streamline money movement, accelerate settlement for merchants, and build products that support sustainable long-term growth.”

A New Generation of Banking Infrastructure

For over a decade, Flutterwave has powered payments for millions of Nigerians and businesses across the world. With this license, the company is bringing that same infrastructure into a new generation of banking built for:

• Consumer Financial Services: Seamless accounts, transfers, and payments for everyday users within the SendApp ecosystem.
• Business Financial Tools: Accounts, payouts, payroll, and multi-currency capabilities for businesses of every size.
• Enterprise Treasury Infrastructure: Tools to manage complex financial operations, treasury, and liquidity.
• Digital Platforms: Embedded financial services for marketplaces and platform operators.
• Developers: Programmable financial infrastructure enabling the creation of financial products through APIs.

Integrated Financial Solutions

The banking license enhances Flutterwave’s core payments business by allowing the company to optimize settlement flows and manage funds more efficiently within its ecosystem.

• SendApp Users: Over a million people using SendApp will now access: enhanced financial services, including personal account numbers and instant transfers, without switching apps.
• Flutterwave for Business: Over 2 million businesses can now open accounts, manage payouts, run payroll, and access multi-currency capabilities.
• Smart Financial Tools: Flutterwave will introduce: data-driven financial services, including working capital financing and merchant lending powered by real transaction data, alongside treasury and savings products.

Built on a Decade of Trust

Flutterwave’s financial services infrastructure is built on a foundation of security and compliance, featuring PCI DSS Level 1 certification, SOC 1 and SOC 2 compliance, and enterprise-grade fraud protection.

To date, the company has processed over $40 billion in payments and enabled more than 1 billion unique transactions.

The company continues to explore new technologies, including stablecoin-enabled settlement, to further improve global payment efficiency and connect African businesses to the global economy.

This regulatory milestone follows Flutterwave’s acquisition of Mono, which strengthened the company’s financial connectivity infrastructure.

As Flutterwave marks its tenth year of operations in 2026, it remains committed to: building the financial infrastructure layer that powers Nigeria’s growing digital economy.

The post Flutterwave Upgrades to Banking License in Nigeria appeared first on Tech | Business | Economy.

In a bid to stay ahead of emerging risks, the apex bank has launched a pilot supervisory programme focused on selected Virtual Asset Service Providers (VASPs).

Behind this move lies a deeper concern: safeguarding the financial system from the shadows of money laundering, terrorism financing, and proliferation threats. With the digital asset space evolving at a rapid pace, the CBN’s initiative signals a proactive effort to understand and manage the risks shaping this new financial frontier.

The initiative, anchored on existing legal frameworks including the Money Laundering (Prevention and Prohibition) Act 2022 and the Banks and Other Financial Institutions Act 2020, signals a more structured regulatory engagement with operators in the virtual asset ecosystem.

CBN in a statement said the pilot forms part of its broader risk-based supervisory strategy designed to “strengthen financial system stability and market integrity oversight of virtual asset-related activities within the Bank’s mandate.”

It noted that the exercise is not a shift in policy direction regarding digital assets but rather a supervisory engagement to deepen its understanding of emerging risks and operational models.

“This pilot does not alter, replace or supersede the existing regulatory framework governing virtual assets in Nigeria or the mandates of other competent authorities,” the CBN stated.

Consequently, it selected industry players for the initial phase which include Flutterwave, Paystack, KuCoin, alongside cNGN, Juicyway and KoinKoin.

The central bank noted that the programme is designed to build “a structured understanding of AML/CFT/CPF risks, business models, and operational practices across participating entities,” while also supporting firms to strengthen compliance frameworks in line with global standards.

In particular, the pilot aligns with recommendations of the Financial Action Task Force, especially around the implementation of the Travel Rule, which mandates transparency in cross-border digital asset transactions.

Participants in the pilot are expected to submit monthly compliance reports and key performance indicators, undergo detailed reviews spanning governance, customer onboarding and transaction monitoring, and demonstrate readiness to implement global compliance standards.

The apex bank further stressed that “participation in the pilot is strictly supervisory and does not confer any regulatory status, approval, licensing right, or authorisation on participating entities,” underscoring its cautious approach to the still-evolving sector.

The pilot will run in phases, with subsequent cohorts already scheduled, as the central bank intensifies efforts to close regulatory gaps and align Nigeria’s financial system with international best practices.

The post CBN Rolls Out Anti-Money Laundering Checks for Crypto Firms appeared first on Tech | Business | Economy.

Founded in 2016, the company set out to solve a basic but stubborn problem where moving money across Africa was slow, expensive and usually unreliable.

Businesses struggled with fragmented payment systems, limited interoperability between banks and mobile money operators, and high failure rates on transactions. Cross-border payments were even more difficult.

Nearly a decade later, Flutterwave operates in more than 30 African countries and supports payments in over 150 currencies, serving global enterprises, startups and small businesses.

Founding Vision and the Gap in African Payments (2016)

Flutterwave was co-founded in 2016 by Iyinoluwa Aboyeji, Olugbenga “GB” Agboola and Adeleke Adekoya.

Aboyeji, who had earlier co-founded Andela, experienced repeated payment delays while working with remote talent across borders.

Agboola, a former executive at Google Wallet and PayPal with an MBA from MIT Sloan, had seen how multinational companies struggled to navigate Africa’s disconnected financial infrastructure.

Adekoya brought regulatory and compliance expertise from senior roles in Nigerian banking.

Their assessment showed that Africa’s payment rails were siloed. Card schemes such as Visa, Mastercard and Verve operated separately from mobile money platforms like M-Pesa and MTN MoMo.

National switches functioned independently. Merchants needed multiple integrations to operate across countries.

Flutterwave built a unified API designed to connect these systems. Businesses could accept payments, make payouts and settle in local currencies without building separate infrastructure for each market.

Early Operations in Lagos (2016–2017)

The company began in a modest co-working space in Lekki, Lagos. In the early days, operations were lean.

Agboola initially covered payroll during periods of banking delays. Aboyeji served as the first chief executive, Agboola as chief technology officer, while Adekoya focused on compliance and regulatory engagement.

An early turning point came when Flutterwave partnered with Uber during its launch in Nigeria.

The company powered driver payouts, onboarding thousands of users quickly and demonstrating that its system could handle scale.

Revenue came largely from transaction fees, including charges on card payments and cross-border transfers.

By 2017, Flutterwave had raised about $10 million in seed and Series A funding, enabling expansion beyond Nigeria into other West African markets.

Leadership Change and Continental Growth (2018–2020)

In 2018, Aboyeji stepped down as CEO. Agboola assumed the role and has led the company since.

Between 2018 and 2020, Flutterwave expanded across West, East and Southern Africa, integrating additional payment methods including bank transfers, mobile wallets and alternative rails. Each new market required licensing or regulated partnerships.

The COVID-19 pandemic in 2020 accelerated digital adoption. As lockdowns disrupted physical commerce, Flutterwave launched support initiatives to help small and medium-sized businesses move online.

Transaction volumes increased as e-commerce and remittance flows grew.

Unicorn Status and Major Funding (2021–2022)

In March 2021, Flutterwave raised $170 million in a Series C round led by Avenir Growth Capital and Tiger Global, reaching a valuation above $1 billion.

At the time, the company had processed more than 140 million transactions worth over $9 billion.

In February 2022, a $250 million Series D round led by B Capital Group and Lux Capital pushed its valuation above $3 billion. Total funding surpassed $475 million, with participation from investors including Salesforce Ventures.

The capital supported expansion into more African markets and product development, including Send App for diaspora remittances in the United States.

The company also secured enterprise partnerships with firms such as Microsoft, Booking.com and Uber.

Regulatory Scrutiny and Governance Reforms (2022–2024)

Rapid growth brought regulatory attention. In 2022, Kenyan authorities froze accounts linked to Flutterwave amid allegations of money laundering and fraud. The Assets Recovery Agency later withdrew its case, and the funds were released after investigations.

In Nigeria, reports of unauthorised transactions surfaced between 2023 and 2024. Flutterwave said customer funds were not lost and stated that it worked with regulators while strengthening internal controls and fraud detection systems.

The company also faced internal governance and workplace culture allegations in 2022. In response, it introduced compliance reforms and recruited risk and compliance professionals with experience from global firms including Mastercard, Stripe and PayPal.

These episodes showed the bigger challenges facing fintech companies operating across multiple regulatory regimes, including foreign exchange restrictions, cybersecurity risks and cross-border compliance gaps.

Profitability Push and Acquisition Strategy (2025–2026)

By 2025, Flutterwave shifted focus from rapid expansion to profitability. Half-year results in 2025 showed improved margins compared with the previous year, driven by tighter cost controls and operational efficiency.

The company secured additional U.S. Money Transmitter Licenses, bringing its total to 34. It expanded further in markets including Cameroon, Senegal and Zambia, while strengthening corridors linking Africa to Asia and North America.

In January 2026, Flutterwave acquired Mono, a Nigerian open-banking startup, in an all-stock deal valued between $25 million and $40 million.

Mono provides APIs for bank data access, identity verification and account-to-account payments. The acquisition allows Flutterwave to deepen its infrastructure, reduce third-party dependencies and improve margins.

Agboola has repeatedly stated that the company intends to build a consistently profitable and scalable business before pursuing a public listing. While no timeline has been announced, preparations for a potential IPO remain under discussion.

Role in Nigeria’s Fintech Landscape

Flutterwave’s growth shows the rise of Nigeria’s fintech sector, impacted by venture capital inflows, regulatory reforms and increasing digital adoption.

It operates alongside competitors such as Paystack, owned by Stripe, and local firms including Moniepoint.

Its growth also aligns with policy efforts by the Central Bank of Nigeria to reduce cash dependence and with continental initiatives under the African Continental Free Trade Area to increase intra-African commerce.

From a shared desk in Lekki to dual headquarters in Lagos and San Francisco, Flutterwave’s expansion stresses how Nigerian-founded technology firms have built global platforms from local challenges.

In strengthening open-banking integration, exploring new settlement technologies and pursuing sustainable profitability, Flutterwave is holding firm to stand as the core infrastructure for businesses moving money into, out of and across Africa.

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