Flutterwave, Africa’s leading payments technology company has announced the launch of Swap, a digital FX solution powered by Flutterwave, in partnership with Wema Bank and Kadavra BDC.
Swap is a cutting-edge solution that is backed by the
Central Bank of Nigeria (CBN) to serve as a secure & reliable digital
platform for Nigerians to have immediate access to foreign currency at
competitive exchange rates. This announcement was made at a press conference at
the Flutterwave office in Ikoyi.
Swap comes at a time when Nigerians and businesses are
experiencing limited access to foreign currencies which has posed a significant
challenge for individuals seeking to engage in international transactions,
investments, and other cross-border financial activities. Additionally, these
challenges have hampered macroeconomic growth and personal financial goals,
making it difficult for individuals to fully access global opportunities.
Beyond being the digital platform that has been approved by
the Central Bank of Nigeria (CBN) to facilitate currency exchanges for
businesses and consumers, Swap will ensure that every exchange is not only
seamless and secure but also financially rewarding, granting consumers greater
purchasing power and businesses massive investment potential.
To provide rapid access to global currencies like Dollars,
Euros, and British Pounds, Flutterwave will also be introducing a convenient
card issuance system to Swap users. 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.
Commenting on the product launch, Olugbenga ‘GB’ Agboola,
Founder and CEO of Flutterwave:
“At Flutterwave, our dedication to innovation is matched
only by our commitment to simplifying financial processes for endless
possibilities. 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. 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.”
When asked about Swap, Cynthia Onyinyechi, CEO, Kadavra BDC
said “Swap is a step in the right direction for solving major FX problems for
Nigerians and has simplified the process for accessing foreign currency at the
click of a button” – adding to this, Moruf Oseni, managing director, Wema Bank
said “Our support for digital innovation in the Nigerian finance industry has
been unrivalled since the launch of our digital Bank, ALAT. As a bank that is
committed to digital innovation, 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.”
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.