Flutterwave Wins License to Operate as a Microlender in Nigeria

Flutterwave Inc., Africa’s most valuable financial-technology unicorn, has secured a Nigerian license to operate as a national microlender and will be able to compete with banks for business.

The company joins global fintech firms such as Revolut Ltd. and Wise Plc in seeking banking licenses to accelerate expansion. The Nigerian approval will allow Flutterwave to offer bank accounts, hold customer deposits and lend money subject to limits. Such services that were previously provided to its customers by Flutterwave’s partner banks, its chief executive officer said.