The Digest:
Flutterwave Inc., a payments technology company, has secured a banking licence that will enable it to hold funds and deposits directly. Founder and CEO Olugbenga Agboola announced the milestone, saying: "By operating with direct infrastructure, we can streamline our operations and accelerate payment flows for everyone. Businesses can soon hold balances within Flutterwave, access improved treasury, and data-driven lending." He described the approval as a pivotal milestone in the company's 10-year journey to build Africa's financial infrastructure.
Key Points:
- Flutterwave can now hold customer deposits directly without partner banks.
- Businesses will access improved treasury management and lending services.
- The licence streamlines operations and accelerates payment flows.
- The milestone comes after a decade of building financial infrastructure.
- Flutterwave aims to reduce payment failures and slow settlements.
