Flutterwave has announced that it has secured a banking license from the Central Bank of Nigeria (CBN), enabling it to operate as a full-fledged financial institution.

The development was revealed on Thursday by the company’s Chief Executive Officer and Co-Founder, Olugbenga Agboola, who described it as a defining milestone in Flutterwave’s 10-year journey.

According to him, the license will allow businesses to manage their entire financial operations more seamlessly on the platform.

“Today, @theflutterwave announces a Nigerian banking license. It is a defining step in our 10-year journey to build the financial infrastructure powering Africa’s future,” he stated in a post on X.

Previously, the Central Bank of Nigeria had included Flutterwave and Paystack, among others, in the initial phase of its pilot supervision program for virtual asset service providers (VASPs).

Earlier this year, Flutterwave also acquired Nigerian open banking startup Mono in an all-stock deal valued at up to $40 million.