“No CAD, no mobile app;” Here are 8 things to note about Flutterwave’s Swap

Flutterwave, Africa’s foremost payment platform, announced the launch of Swap, a digital platform that would allow Nigerians to purchase foreign exchange easily. Getting access to foreign currency has become increasingly difficult for Nigerians in recent months, These challenges have hampered macro-economic growth and personal financial goals, making it difficult for individuals to fully access global opportunities.

While Flutterwave has gotten a lot of plaudits for the latest product, it is pertinent to note that Swap is a result of collaboration between players in the private and public sectors. Wema Bank PLC Kadavra BDC, and the CBN are working together to ensure that every exchange on Swap is not only seamless and secure but also financially rewarding, granting consumers greater purchasing power and businesses massive investment potential.

While many Nigerians look forward to seeing the impact of Swap on the economy, here are some facts you need to know about the app.

Swap is backed by the Central Bank of Nigeria

It is no secret that Flutterwave acquired the International Money Transfer Operator License long before now, and no new licences were issued to the payment platform, The Central Bank of Nigeria is fully behind Swap’s operations as it seeks to digitalise the purchase of foreign exchange for Nigerians and limit the unregulated operations of BDCs.

Users are bound by the policies of Nigeria’s apex bank and their activities and transactions on the app would be reported back to the CBN.

Only available to Nigerians

Swap was created to solve the FX challenges in Nigeria, so it is not surprising that the product is only available to registered Nigerian users. When signing up as a new user, the only country available to select is Nigeria.

One-click access to Swap is available to existing users of Flutterwave for Business and Send App. Swap will also be available via API for banks, and to Nigerians who sign up newly on the platform.

New users are required to complete the basic KYC requirements which include uploading a government-issued identity card for verification and inputting their Bank Verification Numbers (BVN). The accepted IDs for verification include an International Passport, National ID, Residence permit, and Driver’s license.

Exchange Naira for USD, GBP, and Euro but not CAD

Since the product is designed for Nigerians, the only currency you can swap is the Nigerian Naira but you can only exchange it for the US Dollars, the British Pounds, and the Euro. In all fairness, this should solve most of the FX challenges that Nigerians have.

However, it is pertinent to note that many Nigerians have businesses to conduct in Canada and it would be profitable for Swap to enable them to exchange Naira for CAD.

There is no mobile version, yet

Swap is only available via a web browser at swap.flutterwave.com. and there is no mobile application just yet. If a mobile application would be released in the future, we do not yet know. However, we would not keep our fingers crossed over that because of some security measures taken to protect the users’ data.

A magic sign-in link is required

There is no need to create a username and password when signing up on Swap because there is automatic two-factor authentication to access the app whenever a user wants to sign in. Once you input your email address on the Swap homepage, a mail is sent to your inbox with a magic link that allows you to sign in to Swap.

However, you are required to create a 4-digit code to confirm transactions and validate your signing-in after clicking the magic link sent to your email. Send users can use their Send code unless a new one is created when signing up on Swap.

$10000 limit but swapping purpose determines how much you get

Typically, you can swap a minimum of $10 and a maximum of $10000 but the purpose of swapping determines the limit of dollars you can exchange for Naira in accordance to the regulations of the Central Bank of Nigeria.

When exchanging any foreign currency for Naira, you first have to select the reason you need the foreign currency. There are many options available to select including Airline Remittances, Business Trips Allowances (BTA), Cash Gifts, Commissions and Brokerages, Tuition, Student Maintenance, conferences, Seminars, and Training Courses. Contract Services, Copyright, Patent and Royalties, Correspondence Courses, Credit and Guarantees Including Issuance of Performance Bonds, and so much more.

For instance, if you select “Subscription to Periodicals,” or “Single copies of books,” you can exchange a maximum of $500. Mortgage Payment allows you to exchange a maximum of $1000, “Student Maintenance” has a maximum limit of $2500, “Pilgrim Services” and “Personal Travel Allowances (PTA)” allow you to exchange a maximum of $4000, while “Payments for imports,” “Student tuition,” “Cash gifts,” and some others allow you to swap up to $10000.

Monitor your transaction status

Swap allows users to monitor the status of all their transactions. As soon as the transaction is completed by the user, you can select any transaction from the transaction tab to check on its progress.

An incoming card issuance system

Flutterwave also announced that it would introduce a convenient card issuance system to Swap users from October 2023 to provide rapid access to global currencies like Dollars, Euros, and British Pounds.

The aim is to distribute 10 million cards that 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.