Flutterwave, Africa’s leading payments technology company, has launched Swap, a cutting-edge solution that allows Nigerians to have immediate access to foreign currency at competitive exchange rates. The platform launched in partnership with Wema Bank and Kadavra BDC is backed by the Central Bank of Nigeria (CBN) and is available to both individuals and businesses.
Swap comes at a time when Nigerians are facing limited access to foreign currencies. This has made it difficult for people to engage in international transactions, investments, and other cross-border financial activities. Swap aims to address these challenges by providing a secure, reliable, and efficient way to exchange currencies.
In addition to offering competitive exchange rates, Swap also provides users with a convenient card issuance system. This means that users can quickly and easily access foreign currency for travel, education, or business purposes.
Read also: Flutterwave enters the Indian market with landmark partnership with IndusInd bank
Aiming to distribute more than 10 million of these cards to Nigerians from October 2023, this move will be beneficial for Nigerians who require swift access to Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) to facilitate their educational pursuits, business endeavours, and diverse travel requirements.
Flutterwave CEO Olugbenga ‘GB’ Agboola said, “Swap is a significant leap forward in how Nigerians will engage with foreign exchange. We understand the challenges individuals and businesses face, and Swap is our answer to those pain points.
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.”
Kadavra BDC CEO Cynthia Onyinyechi said, “Swap is a step in the right direction for solving major FX problems for Nigerians. It has simplified the process for accessing foreign currency at the click of a button.”
Wema Bank Managing Director Moruf Oseni said, “We are proud to be on this journey with Flutterwave because we believe a product like Swap will have a major impact across all sectors.”
Swap is available to existing users of Flutterwave for Business and Send App. It will also be available via API for banks, and to Nigerians who sign up newly on the platform. For more information on Swap, please visit flutterwave.com/swap
About Flutterwave
Flutterwave is a payments technology company that enables businesses across the world to expand their operations in Africa and other emerging markets through a platform that enables cross-border transactions via one API. The company has processed over 550M transactions worth over USD $32B to date and serves more than 2,000,000 businesses including customers like Uber, Flywire, Booking.com, etc.
Its key advantage is international payment processing in 150 currencies and multiple payment modes including local and international cards, mobile wallets, bank transfers, Barter by Flutterwave, etc. Flutterwave has an infrastructure reach in over 34 African countries, including Nigeria, Uganda, Kenya, and South Africa. For more information on Flutterwave’s journey, please visit www.flutterwave.com.
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