Flutterwave is in the process of acquiring a bank in East Africa as it expands beyond payments into lending, deposit-taking and full banking services, founder and CEO Olugbenga Agboola confirmed on August 3.
The company has not named the target bank or the specific country. Agboola told The Africa Report that Flutterwave is “in the process of acquiring another bank in another country.” Markets under active consideration include Kenya, Rwanda, Tanzania, Ghana and Egypt. Depending on local regulations, the fintech could buy an existing bank, form a strategic partnership, or apply for its own banking licence.
What the East Africa move means for Flutterwave
The talks represent Flutterwave’s clearest step yet toward becoming a regulated banking player across multiple African markets. The company already secured a national microfinance banking licence from the Central Bank of Nigeria in April 2026. That licence allows it to hold customer deposits and lend directly on its own balance sheet, ending previous reliance on partner banks for underwriting.
Agboola has linked the East African effort to the same strategy: secure regulated status, then scale lending and deposit products. He has also stated that an initial public offering is not the current priority. Profitability and building banking infrastructure come first.
The Mono acquisition that enabled the banking push
In January 2026 Flutterwave acquired Nigerian open-banking startup Mono in an all-stock deal valued between $25 million and $40 million. Mono, frequently described as the “Plaid for Africa,” provides APIs for bank-account data access, identity verification and account-to-account payments.
Under the terms of the deal, Mono continues to operate independently with no change to its leadership or day-to-day operations. The acquisition supplied critical data and verification tools that supported Flutterwave’s successful microfinance licence application in Nigeria and strengthens its ability to underwrite loans across markets.
Open questions and next steps
No purchase price, binding agreement or closing timeline has been disclosed. Claims that the target is a specific Kenyan institution remain unverified speculation. Flutterwave has indicated it will use a mix of acquisitions, partnerships and direct licence applications depending on regulatory conditions in each country.
The company has previously signalled interest in additional markets including South Africa and Egypt. Any completed acquisition would give Flutterwave an established customer base, existing banking infrastructure and regulatory approvals, shortening the path to offering deposits and credit outside Nigeria.
