Flutterwave has acquired Mono, an open banking infrastructure provider operating across Africa.
The Africa-focused payments technology company announced the acquisition, positioning open banking as a core component of its payments infrastructure strategy. The transaction enables Flutterwave to integrate API-driven capabilities for financial data access, identity verification, and account-to-account payments into its existing platform.
Mono will continue to operate independently under its current leadership structure, with no changes to its team or day-to-day operations. The acquisition establishes strategic alignment between the two companies whilst allowing Mono to maintain its development pace and contribute its open banking infrastructure to Flutterwave's broader payments ecosystem. The two companies have collaborated since 2021.
Bank-based payment infrastructure
The deal reflects a shift in Africa's payments landscape towards bank-based, authenticated payment methods rather than card-based rails. By integrating Mono's open banking APIs, Flutterwave aims to support faster customer onboarding, improved verification processes, reduced fraud risk, and direct account-to-account payments.
The infrastructure also enables businesses to simplify compliance processes including identity checks and bank verification, whilst improving transaction conversion rates. Developers gain access to a unified environment where payments and financial data operate together, reducing complexity and shortening time to market.
Regulatory and security framework
The integration addresses regulatory requirements through increased standardisation, data protection measures, and adherence to global security frameworks including PCI-DSS and ISO 27001 compliance. The combined infrastructure is designed to support alternative payment methods, authenticated payment flows, and potential open banking-enabled stablecoin applications.
The transaction aims to position open banking infrastructure as essential to Africa's digital economy development, supporting interoperable, data-driven systems designed for long-term growth across the continent.
