In collaboration with Wema Bank and Kadavra BDC, Flutterwave, the African’s top provider of payment system, has announced the launch of Swap, powered by Flutterwave.
The Central Bank of Nigeria (CBN) is supporting Swap, a cutting-edge solution, as a secure & dependable digital platform enabling Nigerians to have rapid access to foreign cash at favorable exchange rates. This declaration was made on Monday (September 11, 2023) during a news conference held at the Flutterwave office in Ikoyi.
The swap will take place at a time when firms and individuals in Nigeria have limited access to foreign currencies. This has made it difficult for people to conduct international commerce, make investments abroad, and engage in other cross-border financial operations.
These difficulties have also hindered macroeconomic development and individual financial objectives, making it challenging for people to fully take advantage of global prospects.
Swap will ensure that every exchange is not only smooth and secure but also financially rewarding, giving consumers greater purchasing power and businesses massive investment potential. Swap is the digital platform that the Central Bank of Nigeria (CBN) has approved to facilitate currency exchanges for businesses and consumers.
Flutterwave will also be bringing a practical card issuing mechanism to Swap customers in order to give quick access to foreign currencies including Dollars, Euros, and British Pounds.
This initiative, which aims to provide Nigerians with more than 10 million of these cards starting in October 2023, will be helpful for those who need quick access to Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) to support their academic and professional endeavors as well as a variety of travel needs.
Olugbenga ‘GB’ Agboola, the founder and CEO of Flutterwave, commented on the product introduction as follows:
“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: