CBN clears Flutterwave for banking licence, fintech payments hit $40bn

Flutterwave has secured regulatory approval from the Central Bank of Nigeria (CBN) to operate banking services in Nigeria, a development that comes as the fintech company says it has processed more than $40 billion in payments across its platform just within 10 years of its establishment and operations.

The approval marks a significant milestone for the Lagos-based payments company, enabling it to expand beyond its core payment infrastructure services into broader financial offerings.

Moreover, the development signals a growing shift in Nigeria’s financial technology sector, where leading fintech firms are increasingly moving closer to full-scale financial service operations.

The regulatory progress comes alongside another key development involving the Central Bank of Nigeria, which has selected several financial technology firms, including Flutterwave and Paystack, for a pilot programme focused on the supervision of virtual-asset-related activities.

The initiative is designed to strengthen oversight of digital-asset service providers and ensure compliance with anti-money laundering and counter-terrorism financing standards as Nigeria’s digital finance ecosystem continues to evolve.

By bringing major fintech firms into the programme, regulators aim to test frameworks that could shape the country’s future approach to virtual-asset supervision.

Furthermore, Flutterwave disclosed that its platform has now processed more than $40 billion in payments, reflecting the rapid expansion of digital payment adoption across Africa and among businesses that rely on the company’s infrastructure to receive and process transactions globally.

The latest developments come only weeks after Flutterwave marked its 10th anniversary, a milestone that highlighted the company’s growth since its establishment in 2016.

Over the past decade, the fintech firm has expanded its payment network across numerous African markets while building partnerships that allow businesses to accept payments from customers around the world.

MCC News reports that the company’s tenth-year milestone provided an opportunity to reflect on its rapid rise within Africa’s technology sector.

What began as a payment gateway designed to simplify cross-border transactions has evolved into one of the continent’s most prominent financial technology platforms.

Consequently, the combination of a banking licence, participation in the Central Bank’s virtual-asset pilot programme and a decade of operational growth underscores Flutterwave’s expanding role in Nigeria’s financial ecosystem.

In addition, the company’s regulatory progress may further accelerate innovation in the country’s fintech landscape, particularly as regulators and financial technology firms seek to balance rapid digital growth with stronger oversight of emerging financial services.