Flutterwave, the African financial technology startup valued at $3 billion, is moving its next growth strategy from digital payments to banking as it seeks higher-margin growth across key continental markets.

After ten years operating primarily as a payment gateway for global merchants and payment service providers, the Nigerian fintech plans to offer direct deposits, savings, and commercial lending.

The shift follows the company’s acquisition of a Nigerian banking license in April, allowing it to hold customer deposits directly rather than relying solely on partner banks.

“Our claim to fame is obviously payments,” chief executive officer Olugbenga “GB” Agboola said Wednesday during a panel at the Moonshot technology conference titled Next Phase of Fintech is Banking.

“But if you can trust us with your payments, it is a much easier sell for us to keep the money for you. You can earn, pay, and then save.”

The next phase reflects a broader trend among mature fintech firms seeking to diversify revenues beyond transaction fees.

Flutterwave, which has processed over $40 billion across more than one billion transactions, views pure payment processing as having reached a natural plateau.

Having expanded its core platform through the all-stock acquisition of open-banking startup Mono, the company is now targeting Ghana and Kenya for its next phase of banking expansion.

“From day one, our vision has always been a pan-African company,” Agboola said. “The next step is looking at our core markets and moving beyond payments.”

Entering the credit market presents higher profit margins alongside increased exposure to default risks and non-performing loans (NPLs).

To mitigate credit risk, Flutterwave plans a phased rollout starting with working capital loans for its existing merchant base.

The company plans to eventually extend credit into real-economy sectors, including manufacturing, before broadening its portfolio to target small and medium-sized enterprises (SMEs) sector by sector.