Flutterwave is in the news again this morning. The payment startup has launched Swap to digitise FX processes for Nigerians. The new product which is backed by the Central Bank of Nigeria (CBN) “will help moderate the rates for the [bureau de change] BDCs and at the same time differentiate BDCs from black market transactions,” according to Folashodun Shonubi, the acting governor of the CBN.
“No new licenses were issued,” he added. Flutterwave will use its existing International Money Transfer Operator licence to provide foreign currencies. The fintech has partnered with Kadavra and Wema Bank, both entities will leverage their licenses to enable the new product.
“We understand the FX access challenges individuals and businesses face. Swap is our answer to those pain points, providing a seamless and efficient platform for currency exchange,” says Olugbenga Agboola, the CEO of Flutterwave.
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Last updated: December 22, 2024
