In a statement, a Flutterwave representative said, “We’d like to clarify that the information circulating is inaccurate, including the reported $250 million figure.” This figure was tied to potential fundraising for an IPO.

Flutterwave recently secured a Nigerian banking license, allowing it to hold funds and deposits directly. This move enhances its operational capabilities and positions it for future growth.

CEO Olugbenga Agboola emphasized the importance of AI in transforming industries. He stated, “AI now cuts across nearly every sector of the banking industry. It can monitor transactions in real time, without limits.”

Agboola noted that Flutterwave aims to be IPO-ready but has made no announcements regarding a listing or fundraising tied to an IPO. The last fundraising valued the company at over $3 billion.

“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,” Agboola added.

Flutterwave’s approach allows for faster execution across its network of products. However, details remain unconfirmed regarding whether Flutterwave will pursue an IPO and when it will tap public markets.

The impact of regulatory scrutiny on Flutterwave’s operations is also unclear. Observers continue to watch closely as the company navigates these challenges.

Historically, Flutterwave has been considered a leading candidate for an African tech IPO. Yet, timelines have shifted amid changing market conditions and internal priorities.

As Flutterwave continues its operations, it remains focused on strengthening internal systems and achieving operational maturity. The future holds uncertainties, but the company’s commitment to innovation is evident.

The post Flutterwave Denies $75 Million Investment Report appeared first on Toprecruitment.

The banking license comes at a time when Flutterwave has already established itself as a major player in the financial technology sector, having processed over $40 billion in payments and facilitated more than one billion unique transactions since its inception in 2016. The company has grown into one of the most licensed non-banking financial institutions on the African continent, with a valuation of approximately $3 billion and operations spanning 35 countries.

In a strategic move earlier this year, Flutterwave acquired Nigerian open banking startup Mono in an all-stock transaction valued at up to $40 million. This acquisition is anticipated to further bolster Flutterwave’s capabilities, allowing it to internalize key elements of its financial value chain. The new banking license will enable Flutterwave to delve into consumer finance and business finance tools, thereby expanding its service portfolio.

Flutterwave plans to issue payment cards to its two million Send App consumer users and four million business customers, transforming its Send App into a comprehensive consumer banking service. This evolution aims to unify previously fragmented services into a single integrated financial ecosystem, enhancing user experience and operational efficiency.

Reaction from the field

Olugbenga Agboola, CEO of Flutterwave, stated, “Today, @theflutterwave announces a Nigerian banking license. It is a defining step in our 10-year journey to build the financial infrastructure powering Africa’s future.” He further emphasized that this milestone allows Flutterwave to make its infrastructure more efficient and deliver faster, more reliable financial services.

Agboola also noted, “With our new Nigerian banking license, we are now moving into the core of the system, giving us greater control over settlement speed, product design, and end-to-end financial operations.” This strategic shift is expected to accelerate settlement processes and improve financial control for businesses, reflecting the growing complexity and ambition of Africa’s digital economy.

As Flutterwave continues to innovate and expand its services, the implications of its new banking license are profound. The company aims to create a unified system that meets the evolving needs of its users while driving growth in the digital financial landscape. Details remain unconfirmed regarding the timeline for the rollout of these new services, but the anticipation within the industry is palpable.

The post Flutterwave Nigerian Banking License: A New Era for Financial Services in Nigeria appeared first on Toprecruitment.

Moniepoint began as a payments infrastructure provider but has steadily expanded its product stack. The company has established itself as a significant player in Nigeria’s financial technology landscape, processing over $250 billion in digital payment transactions annually and serving more than 20 million businesses and individuals. The food service industry in Africa is valued at approximately $50 billion, with Nigeria’s food service market expected to reach $12.37 billion by 2026.

In a significant development, Moniepoint has acquired Orda, a cloud-based restaurant management platform founded in 2020. This acquisition, announced on March 23, 2026, will see Orda rebranded as Moniebook for Restaurants and integrated into Moniebook. The deal aims to embed payments directly into the daily operations of merchants, thereby enhancing operational efficiency.

The acquisition specifically covers Orda’s operations in Nigeria, despite the company also operating in Kenya. The financial terms of the deal were not disclosed, but it is known that about 25 members of Orda’s team have joined Moniepoint as part of the transition. This move is expected to reduce reliance on manual processes in restaurant operations, streamlining workflows and improving service delivery.

Guy Futi, a representative from Moniepoint, emphasized the importance of ensuring a smooth transition for customers, stating, “For our customers, we are assuring a smooth transition with no disruption to the platform and retained access to the support you are used to.” This commitment highlights Moniepoint’s focus on maintaining customer trust and service continuity during the integration process.

Tosin Eniolorunda, another key figure in the industry, remarked, “The food industry is a major source of jobs and daily survival for many Africans.” This statement underscores the critical role that the food service sector plays in the broader economic landscape of the continent. The integration of Orda into Moniepoint’s offerings is seen as a strategic move to leverage this sector’s growth potential.

As the food service industry continues to evolve, the acquisition is expected to position Moniepoint as a more comprehensive service provider, capable of addressing the diverse needs of restaurant operators. Observers note that the integration of financial infrastructure with restaurant management tools could lead to significant advancements in how businesses operate within this space.

Looking ahead, the acquisition is anticipated to foster innovation and efficiency in Nigeria’s food service market. The collaboration between Moniepoint and Orda is likely to create new opportunities for growth, particularly as the demand for integrated payment solutions increases. The food service industry is not just about feeding people; it is a major source of jobs and daily survival for many Africans, making this acquisition a pivotal moment in the sector’s development.

The post Moniepoint acquires Orda Africa appeared first on Toprecruitment.

The Winter Fuel Payment is a crucial financial support program aimed at helping the elderly and vulnerable with the cost of heating during the colder months. As winter approaches, the significance of this payment becomes increasingly relevant, especially in countries where temperature fluctuations can have serious implications for health and well-being.

Importance of Winter Fuel Payment

The program is designed to provide financial assistance to those who may struggle to pay their heating bills during the winter. In recent years, with rising energy costs and economic instability affecting many households, the need for such support has become even more prominent. According to the Nigerian Bureau of Statistics, energy costs have surged by over 20% in the past year, making programs like the Winter Fuel Payment essential in helping mitigate this financial burden.

Eligibility Criteria

Eligibility for the Winter Fuel Payment typically includes individuals aged 60 and older, with specific income and residency requirements. To qualify, applicants usually need to have lived in Nigeria for a certain period and may be required to provide proof of income and residency. For 2023, the Nigerian government has announced slight adjustments to the payment scale, aimed at ensuring that support is targeted, particularly to those who need it the most.

Application Process and Key Dates

The application process generally involves submitting a form either online or in person at designated local government offices. It is important for potential applicants to be aware of key deadlines to ensure they do not miss out on receiving their payments. The application period for this year’s Winter Fuel Payment is set to open in early November, with payments expected to commence in mid-December.

Conclusion

As we approach the winter season, the Winter Fuel Payment remains a vital resource for many Nigerians facing rising energy costs. With increased awareness and accessibility to the program, it is hoped that more individuals will take advantage of this support, allowing them to maintain a warm and safe living environment during the colder months. Looking ahead, continued attention to energy price fluctuations and cost-of-living challenges will be necessary to ensure that essential programs like these evolve and meet the needs of the populace effectively.

The post Understanding Winter Fuel Payment in 2023 appeared first on Toprecruitment.