Flutterwave, one of the largest platforms for payment in Africa, acquired the Nigerian open-banking startup Mono in a transaction entirely in shares valued between 25 and 40 million dollars.

Open banking is still at an early stage and unequal across African markets, with regulatory frameworks varying considerably from one country to another. While Nigeria has taken action towards standardization, many markets still lack clear rules governing data sharing, consent, and accountability, which shapes the pace of adoption. The real bet is therefore a raise close to these regulatory barriers.

Thanks to this operation, Flutterwave, which is focused on payment infrastructures for merchants, banks and international companies operating in Africa, will be able to expand its capabilities beyond its current services towards open banking, transfers account-to-account and KYC across the continent.