Flutterwave is preparing to acquire a bank in East Africa.

Flutterwave is furthering its relationship with traditional banking. The Nigerian payment technology group is preparing to acquire a bank in East Africa, according to statements from its co-founder and CEO, Olugbenga Agboola.

“We are currently in the process of acquiring another bank, in another country,” the executive stated, without disclosing the name of the targeted institution. He only specified that the transaction involves a market in East Africa.

No information has been provided regarding the amount of the operation, its timeline, or the progress of discussions. Any potential acquisition would also be subject to the approvals of the regulatory authorities in the relevant country.

This initiative comes about four months after Flutterwave obtained a national microfinance bank license in Nigeria. Announced on April 2, 2026, this authorization allows the company to hold deposits directly, offer accounts, and manage part of the financial flows that were previously handled by its partner banks.

A strategy for integrating financial services

With this license, Flutterwave seeks to enhance its operational autonomy in Nigeria. The company can now internalize certain steps of payment processing and settlement, while continuing to work with its partner commercial banks.

The group has also expressed a desire to obtain banking licenses in other African countries. In April, Olugbenga Agboola confirmed this ambition without specifying the targeted markets.

The acquisition project in East Africa is part of a broader strategy for growth through acquisitions. Flutterwave aims to consolidate various components of the African financial infrastructure to offer a wider range of services to businesses and individuals. Its CEO announced in June an intensification of merger and acquisition operations in businesses complementary to digital payments.

In January 2026, Flutterwave had already acquired Mono, a Nigerian company specialized in open banking. Mono’s technologies enable secure access to financial data, identity verification, and direct account-to-account payments.

The entry of the American company Ripple into Flutterwave’s capital in June 2026 also raised the fintech’s valuation to around $3.25 billion. This operation is particularly aimed at supporting the development of cross-border payments and settlements using digital assets.

Present in around thirty African countries, Flutterwave provides infrastructure that allows businesses to receive, process, and send payments. The anticipated acquisition in East Africa would give it more direct access to local banking activities and reduce its dependence on partner institutions.

The identity of the targeted bank and the country in which it operates remain confidential at this stage.