Flutterwave Inc., a payments technology company, said it has secured a banking licence which will enable the company hold funds and deposits directly.

Olugbenga Agboola, founder and Chief Executive Officer (CEO) of the firm, announced the development in a statement.

He said, "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."

According to him "the milestone allows us to make our infrastructure more efficient and deliver faster, more reliable financial services".

Agboola described the approval as a pivotal milestone in the company's 10-year journey to build the financial infrastructure that will power Africa's future.

"A decade ago, we started with a simple belief: better infrastructure changes everything. Payments failed too often, settlement was slow, and expanding meant rebuilding from scratch. So we focused on connecting what was fragmented," he said.