By Adedapo Adesanya

Payments technology company, Flutterwave, has secured a microfinance bank license from the Central Bank of Nigeria (CBN) to operate full banking services in the country.

According to a statement, this license enables the company to hold funds and deposits directly, strengthening its financial infrastructure across its largest market and enabling more efficient financial services and settlement flows for consumers, businesses and enterprises.

The microfinance banking license acquisition follows Flutterwave’s purchase of Nigerian open-banking startup Mono in January 2026. The integration of Mono’s data-scraping and payment-initiation APIs was the precursor to this broader banking strategy, allowing Flutterwave to evolve into a vertically integrated financial “super-stack.”

Previously, global payment companies like Flutterwave operated via a sponsorship model, partnering with established commercial banks to access national clearing and settlement systems.

According to the statement, such an arrangement often limits a fintech’s pace of innovation and requires it to share a portion of the transaction value with the sponsoring institution.

By securing this banking license, Flutterwave gains greater control over how funds move within its ecosystem, including the ability to hold deposits and manage financial flows across its platform.

The company said it will continue to work closely with banking partners across the broader financial ecosystem.

The license also enables the company to internalise key elements of its financial value chain, improving operational efficiency and supporting faster product development.

This shift strengthens operational autonomy and allows Flutterwave to capture more value from the transactions processed within its ecosystem.

By operating more directly within the regulated financial system, Flutterwave can further optimise how money moves across its platform and improve settlement efficiency across its network of merchants, businesses and consumers.

“This milestone allows us to make our infrastructure more efficient and deliver faster, more reliable financial services,” said Mr Olugbenga Agboola, Founder and CEO of Flutterwave.

“By operating directly within the financial system, we can streamline money movement, accelerate settlement for merchants, and build products that support sustainable long-term growth,” he added.

Flutterwave also said that with this license, it is bringing the same infrastructure that has historically made it into a unicorn into a new generation of banking built for consumer financial services within the SendApp ecosystem, utilising business financial tools for businesses of every size, as well as managing complex financial operations, treasury, and liquidity.

Also, it will embed financial services for marketplaces and platform operators, while developers will benefit from financial infrastructure enabling the creation of financial products through APIs.

By Modupe Gbadeyanka

A building operated by Access Bank Plc in the Oniru area of Lagos State has been sealed by officials of the Lagos State Wastewater Management Office (LSWMO).

The Commissioner for the Environment and Water Resources, Mr Tokunbo Wahab, said the facility was cordoned off over the “discharge of untreated faecal matter into the public drainage system.”

Mr Wahab said this causes “severe damage to the environment,” because the financial institution failed to use its wastewater treatment plant to process the faecal waste.

In a post on Thursday, the Commissioner said the state government was tipped off about the improper discharge, and it was discovered that the treatment plant was not working at the time officials of the agency arrived at the building.

He also claimed that while attempting to seal the bank’s office, officials of LSWMO were assaulted, promising to prosecute those behind the attack.

“Following a whistleblower complaint, I directed the Lagos State Wastewater Management Office team to visit the Access Bank Plc @myaccessbank building at Oniru, Victoria Island, where it was discovered that the wastewater treatment plant at the facility was non-functional, resulting in the discharge of untreated faecal matter into the public drainage system and causing severe damage to the environment.

“During the enforcement visit, officials of LSWMO were denied access to seal the facility. Security personnel and management representatives of the bank resisted our officers and, in the process, attacked members of the enforcement team.

“Consequently, the LSWMO team has taken samples of the effluent being discharged from the premises for laboratory analysis, and the results of the test came back positive.

“The state will also proceed to court to obtain the necessary orders for the arrest and prosecution of individuals involved in the attack on government officials carrying out their lawful duties.

“Meanwhile, enforcement officers will be reinforced to return and seal off the property tonight in line with the Lagos State Environmental Laws.

“There will be no sacred cows in the enforcement of environmental regulations. Any individual or organisation found violating environmental laws, regardless of status, will be held accountable,” he wrote.

By Adedapo Adesanya

The Central Bank of Nigeria (CBN) has said 33 banks have met new minimum capital requirements under its now-closed recapitalisation programme, raising a combined N4.65 trillion to strengthen the Nigerian financial system.

The apex bank disclosed this in a statement on Wednesday, marking the end of the exercise, which commenced in March 2024 and drew participation from domestic and foreign investors.

The statement was jointly signed by the Director of Banking Supervision, Mrs Olubukola Akinwunmi, and the Acting Director of Corporate Communications, Mrs Hakama Sidi-Ali.

“Over the 24 months, Nigerian banks raised a total of N4.65 trillion in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy,” the statement said.

The chief lender said local investors accounted for 72.55 per cent of the funds, while international investors contributed 27.45 per cent, reflecting continued confidence in the sector.

According to the statement, the Governor of the apex bank, Mr Yemi Cardoso, said, “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”

It added that while 33 banks have complied with the new thresholds, a few others are still undergoing regulatory and legal processes.

The statement noted, “The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme.

“A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.

“All banks remain fully operational, ensuring continued access to banking services for customers.”

The apex bank stressed that the exercise was executed without disrupting banking operations, ensuring uninterrupted access to services nationwide.

The lender further stated that key prudential indicators have improved, particularly capital adequacy ratios, which remain above global Basel benchmarks.

The minimum ratios were set at 10 per cent for regional and national banks and 15 per cent for banks with international licences.

The bank also said the recapitalisation coincided with a gradual exit from regulatory forbearance, a move it said improved asset quality, strengthened balance sheet transparency, and enhanced overall stability.

The CBN said it has reinforced its risk-based supervision framework, mandating periodic stress tests and adequate capital buffers for banks.

It added that supervisory and prudential guidelines would be reviewed regularly to strengthen governance, risk management, and resilience across the sector.

“The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks,” the statement said.