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Flutterwave secures Switching And Processing License, Nigeria’s Highest Payments Processing License

Flutterwave secures Switching And Processing License, Nigeria’s Highest Payments Processing License

Flutterwave secures Switching And Processing License, Nigeria’s Highest Payments Processing License

Flutterwave secures Switching And Processing License, Nigeria’s Highest Payments Processing License

The Central Bank of Nigeria (CBN) has granted Flutterwave, the top payments technology company in Africa, a Switching and Processing License, which is regarded as the most important payments processing license held by the CBN. With the use of this license, Flutterwave is able to provide customers with transaction switching and card processing services. Non-bank acquiring, agency banking, and payment gateway services are a few more.

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Flutterwave is permitted to facilitate transactions between banks, fintechs, and other financial institutions thanks to the Switching and Processing license. Additionally, the Company is able to handle card transactions, take part in agency banking, and provide a range of payment services directly to customers. Flutterwave was formerly authorized to operate under the terms of its International Money Transfer Operator (IMTO) and Payment Solution Service Provider (PSSP) licenses.

Flutterwave secures Switching And Processing License, Nigeria’s Highest Payments Processing License

Commenting, CEO and Founder, Olugbenga GB Agboola said, “This is big news for our customers, partners, investors, and other stakeholders. It is an important milestone in our growth story. Building a thriving payments ecosystem in Nigeria, Africa’s largest economy, is in line with our goal of developing a world class and secure payment infrastructure for global merchants and payment service providers across the continent.”

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Commenting on the news, Flutterwave’s Chief Regulatory and Government Affairs Officer, Oluwabankole Falade said, “We’re thrilled to have been issued this license after fulfilling all of the regulatory requirements. The application process was very rigorous and included a detailed review of our operations as a business. As a switch, we have more responsibilities and will continue to work with Regulators to ensure we meet and exceed their expectations.

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Reacting to the news, Onyedikachim Nwankwo, Head of Product Marketing said, “The license will allow us to offer more services and explore more payment use cases for our ecosystem. With this license, we can offer more value to our customers while taking more control of our value chain to enable an improved payments experience for our enterprise, medium scale and retail customers.”

Flutterwave secures Switching And Processing License, Nigeria’s Highest Payments Processing License

The application and review process by the CBN was a tough and rigorous process that examined every aspect of Flutterwave’s business, including the company’s financial position.

About Flutterwave

Through a platform that allows cross-border transactions via one API, Flutterwave, a prominent African payments technology company, helps businesses from across the world to extend their operations in Africa and other emerging countries. Flutterwave supports more than 1,000,000 enterprises, including clients like Uber, Flywire, Booking.com, etc., and has processed more than 200 million transactions totaling more than USD $16 billion to date. The primary advantages of the company are the processing of international payments in 150 different currencies and the availability of numerous payment options, such as local and foreign cards, mobile wallets, bank transfers, Barter via Flutterwave, etc. Over 34 African nations, including Nigeria, Uganda, South Africa, and others, have infrastructure that is accessible through Flutterwave. Visit www.flutterwave.com for more details about Flutterwave’s journey.


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IBEH C. JOE

Financial analyst, Entrepreneur, Blogger and Business model

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