Flutterwave, a leading payments technology company in Africa, made a groundbreaking announcement on Monday at their Ikoyi office in Lagos.
They unveiled "Swap" in collaboration with Wema Bank and Kadavra BDC. This cutting-edge solution, endorsed by the Central Bank of Nigeria (CBN), is a secure and dependable digital platform. Its primary aim is to provide Nigerians immediate access to foreign currency at competitive exchange rates.
This development comes at a crucial time when Nigerians and businesses face challenges in obtaining foreign currencies. This hurdle has been a significant obstacle for individuals looking to engage in international transactions, investments, and other cross-border financial activities. These limitations have also hindered macroeconomic growth and personal financial aspirations, making it challenging for individuals to tap into global opportunities to their full potential.
Beyond being the CBN-approved digital platform for facilitating currency exchanges, Swap is designed to ensure that every transaction is seamless, secure, and financially rewarding. This empowerment will grant consumers greater purchasing power and offer businesses substantial investment potential.
In addition, Flutterwave plans to introduce a convenient card issuance system for Swap users, allowing rapid access to global currencies such as Dollars, Euros, and British Pounds. This move, set to commence in October 2023, aims to distribute over 10 million cards to Nigerians. It will greatly benefit individuals seeking swift access to Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) to support their educational pursuits, business ventures, and diverse travel needs.
Olugbenga 'GB' Agboola, Founder and CEO of Flutterwave, expressed his enthusiasm about the product launch, emphasising their commitment to simplifying financial processes for endless possibilities. He stated, "Swap represents a significant leap forward in how Nigerians 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. We are honoured to have secured regulatory approval and the trust of our partners Kadavra BDC and Wema Bank to bring this life-changing solution to Nigerians."
Cynthia Onyinyechi, CEO of Kadavra BDC, praised Swap as a crucial step in resolving major FX challenges for Nigerians, streamlining the process of accessing foreign currency with just a click. Morufu Oseni, Managing Director of Wema Bank, highlighted their unwavering support for digital innovation in the Nigerian finance industry. He expressed pride in their partnership with Flutterwave, believing that a product like Swap will significantly impact all sectors.
One-click access to Swap is available to existing users of Flutterwave for Business and Send App. Additionally, Swap will be accessible via API for banks and newly signed-up Nigerians on the platform. This move marks a significant stride towards revolutionising how Nigerians interact with foreign exchange.
