African payments technology company Flutterwave has launched a digital solution aimed at addressing the challenges faced by Nigerians in accessing foreign currencies.
Developed in partnership with Wema Bank and Kadavra BDC, and backed by the Central Bank of Nigeria (CBN), the new solution, Swap, is a secure and reliable platform that provides immediate access to foreign currency at competitive exchange rates, Flutterwave said in a Monday (Sept. 11) press release.
Limited access to foreign currencies has been a major hurdle for Nigerians and businesses, hindering international transactions, investments and cross-border financial activities, according to the release. These challenges have not only affected personal financial goals but have also hampered macro-economic growth, limiting individuals’ ability to tap into global opportunities.
As an approved digital platform for currency exchanges by the CBN, Swap ensures seamless and secure transactions, empowering Nigerians to fully access global opportunities, the release said.
To further facilitate access to global currencies such as dollars, euros and British pounds, Flutterwave will introduce a convenient card issuance system for Swap users, per the release. Starting from October, Flutterwave plans to distribute more than 10 million cards to Nigerians.
Olugbenga “GB” Agboola, the founder and CEO of Flutterwave, said in the release: “Swap represents a significant leap forward in how Nigerians will engage with foreign exchange. We understand the FX access challenges individuals and businesses face, and Swap is our answer to those pain points, providing a seamless and efficient platform for currency exchange.”
Cynthia Onyinyechi, CEO of Kadavra BDC, said in the release that Swap is a step in the right direction for solving major foreign exchange problems for Nigerians, simplifying the process of accessing foreign currency at the click of a button. Moruf Oseni, managing director of Wema Bank, added that the bank is committed to digital innovation and that Swap will have a significant impact across all sectors.
Existing users of Flutterwave for Business and Send App can access Swap with just one click, according to the press release. Additionally, Swap will be available via application programming interface (API) for banks and to Nigerians who sign up on the platform.
Flutterwave operates in more than 30 African countries. Most recently, the company won licenses from Rwanda’s central bank earlier this year, allowing it to expand its operations in that country, and got approvals that put it on the road to doing business in Kenya.
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